In 1900, Burton E. Green, Charles A. Canfield, Max Whittier, Frank H. Buck, Henry E. Huntington, William G. Kerckhoff, William F. Herrin, W. S. Porter, and Frank H. Balch, formed the Amalgamated Oil Company, bought the Hammel and Denker ranch, and began looking for oil. They did not find enough to exploit commercially by the standards of the time, though. In 1906, therefore, they reorganized as the Rodeo Land and Water Company, renamed the property "Beverly Hills," subdivided it, and began selling lots. The development was named "Beverly Hills" after Beverly Farms in Beverly, Massachusetts and because of the hills in the area. The first house in the subdivision was built in 1907, although sales remained slow.