The name Pebble Beach was originally given to a rocky cove and beach strand, a prominent coastal segment of the Rancho Pescadero Mexican land grant that had been awarded to Fabián Barreto in 1836. Barreto died and the land went through several owners. In the 1850s, Chinese immigrants formed a series of fishing settlements along Carmel Bay including one at Stillwater Cove, next to Pebble Beach. They collected abalone and various fish. In 1860, David Jack bought the Mexican land grant, then sold it in 1880 to the Pacific Improvement Company (PIC), a consortium of The Big Four "railroad barons."