The Los Angeles Times reported on September 2, 1906: The development was named 'Beverly Hills' after Beverly Farms in Beverly, Massachusetts (which itself is named after Beverley from beaver-lake, in East Yorkshire, England) and because of the hills in the area. In 1906, therefore, they reorganized as the Rodeo Land and Water Company, renamed the property 'Beverly Hills,' subdivided it, and began selling lots. They did not find enough to exploit commercially by the standards of the time, though.
Balch formed the Amalgamated Oil Company, bought the Hammel and Denker ranch, and began looking for oil.
Actor Will Rogers with a 1934 model of the City Hall development proposal
