Howard Hughes and the History of the Marina City Club – Marina del Rey Condos
Howard Hughes did not have a penny of his money invested in the Marina City Club. Neither did Hughes Tool Company. But the Howard Hughes Medical Institute, the alleged charity created by Hughes “for the benefit of mankind,” was deeply involved. Its investment had been made through the Hughes Aircraft Company, all of whose stock was owned by the medical institute.
In the beginning, the aircraft company merely guaranteed millions of dollars in loans for the Marina City Club. It did so not for itself or the medical institute, but for the personal benefit of various Hughes executives.
The Marina City Club project was conceived as an investment and tax shelter for key people at the aircraft company. “In the late 1960’s, competitors were raiding Hughes Aircraft Company of its executive and technical talent by offering stock options,” explained a high-level company official. That’s why we were losing some very fine people. Pat Hyland (the general manager of the company) and another officer decided they had to do something. That is how the Marina City Club evolved.
Info found from the book: Howard Hughes: His Life & Madness – By Donald L. Barlett, James B. Steel
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