GGP To Pay Hughes Heirs $230M In Development Spat

Law360, New York (September 20, 2010, 2:56 PM EDT) -- Bankrupt General Growth Properties Inc. on Monday announced a $230 million deal that will put to rest an ongoing dispute with Howard Hughes' heirs over a master-planned community in Las Vegas called Summerlin.

Under the terms of the agreement, GGP will pay $230 million to the heirs in exchange for the release of all their claims against the real estate giant and its affiliated debtors, with the settlement to be paid shortly after GGP emerges from bankruptcy in the U.S. Bankruptcy Court for the Southern District...
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