General Growth to pay Hughes heirs $230M

By Associated Press
Posted Sep. 20, 2010 at 6:21 a.m.

General Growth Properties Inc. says it will pay $230 million to some of the heirs of moviemaker and aviation mogul Howard Hughes to settle a dispute over a Las Vegas development.

The nation’s second-largest shopping mall operator, which is trying to emerge from under Chapter 11 bankruptcy protection, will pay $10 million in cash. The remainder will be paid in either cash or stock, the company said Monday, with all amounts paid after General Growth leaves bankruptcy protection.

The dispute centered on the Summerlin community, which houses almost 100,000 residents near downtown Las Vegas.

The settlement is subject to bankruptcy court approval

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