Although Ueberroth was born in Evanston, Illinois, he grew up in northern California. While attending Fremont High School, Ueberroth excelled in football, baseball, and swimming. After graduating from high school, Ueberroth attended San Jose State University on an athletic scholarship. While attending San Jose State he joined Delta Upsilon. He competed in the 1956 United States Olympic water polo trials but failed to make the team. Ueberroth ultimately graduated from San Jose State in 1959 with a degree in business.
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In 1999, Ueberroth, along with Arnold Palmer and Clint Eastwood, bought the Pebble Beach golf course.
Ueberroth has been a director of The Coca-Cola Company since 1986.
Mr. Ueberroth is an investor and chairman of the Contrarian Group, Inc., a business management company, and has held this position since 1989. He is also co-chairman of Pebble Beach Company. He is a director of Hilton Hotels Corporation and Adecco S.A.