Great thread: Throw bomb and run away.
OK, I'll refute Mr. Mucci almost completely. Why he adds Jack Nicklaus to the argument doesn't make sense? Nicklaus rebuilt the 5th hole in 1998.
In 1999, Palmer, Eastwood, Ferris and others purchased Pebble Beach. They are the general partners and then sold limited partnership shares. Palmers involvement as a GP is mainly centered around the golf operations.
From the web site,
"In the summer of 1999, Arnold Palmer, Richard Ferris, Peter Ueberroth and Clint Eastwood—along with William Perocchi and GE Pension, offered limited partnership interests with the understanding that the plan was to never again sell Pebble Beach Company to another ownership group."
If you want to throw Nicklaus under the bus, he joined the group as a limited partner but asked for his money back during the recession which didn't sit well with the partnership.
Further evidence of Palmer failure to walk the walk can be seen at Spyglass and Spanish Bay. The first 5 holes of Spyglass have been completely cleaned up and all of the ice plant removed. Mr. Mucci is correct that the partnership does take full control of Spyglass in the next few years and they have already planned out the changes, including renovating the member clubhouse behind the 18th to a full clubhouse and reversing the nines.
Spanish Bay is another story which would take a long time to explain but is briefly touched on by some other comments. They tried the firm and fast (brownish) conditions but supposedly had complaints by Asian customers that they wanted green lush conditioning. It is now green upon green like Pebble Beach.