Home > Business/Markets > Howard Hughes heirs to receive property money

Howard Hughes heirs to receive property money


Big News Network.com     Tuesday 21st September, 2010

The General Growth company of Chicago has agreed to pay the heirs of Howard Hughes US$230 million.

The General Growth company of Chicago has agreed to pay the heirs of Howard Hughes US$230 million.

The massive property company will pay $230 million to the heirs of the eccentric film-maker/inventor to settle a dispute over a Las Vegas development once it emerges from bankruptcy protection.

The company has said it will pay $10 million in cash, with the remainder to be paid in either cash or stock, as compensation for the Summerlin community, which houses almost 100,000 residents near downtown Las Vegas.

Summerlin contains hundreds of neighborhoods and dozens of villages as part of a massive complex owned by General Growth, which in turn owns The Howard Hughes Corp, which developed Summerlin.

General Growth has previously argued that because of its bankruptcy it should not have to make final payments to Hughes heirs.

General Growth filed the largest real estate bankruptcy case in US history in April 2009 with nearly $28 billion in liabilities.

It has since restructured and plans to emerge from bankruptcy.

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