MAXXAM Group Holdings Inc history

In 1965 the company unveiled Lake Havasu City, a planned community in Arizona.

In 1966, McCulloch Oil had gross revenues from oil and gas sales of approximately $2.7 million.

By the end of 1968, McCulloch Oil's sales had grown to $39 million, largely thanks to the expansion of its real estate endeavors.

Beginning in 1972, the company could record as revenue only payments actually received on land purchased, rather than count the entire sale price upon completion of the deal.

After a couple of failed insurance and investment ventures, not to mention brushes with the Securities and Exchange Commission, Hurwitz purchased a New York real estate company called Federated Development Company in 1973.

Two profitable years followed, but in 1975, the land division lost over $5 million.

In 1977 McCulloch Properties Inc., the land-development subsidiary run by Robert McCulloch, Jr., son of the company's founder, pleaded guilty to 19 counts of fraud concerning sales at the Pueblo West development.

Another move made in 1982 was the purchase of about 37 percent interest in Maxxam Group Inc., an investment partnership also controlled by Hurwitz.

MCO purchased the remaining portion of the Maxxam Group it did not already own and merged it into the company as a wholly owned subsidiary in May 1988.