Real estate developer General Growth Properties (GGP) reached an agreement with the heirs of Howard Hughes over the Summerlin planned community in Las Vegas.
GGP agreed to pay $230 million to the Hughes heirs in exchange for full release and settlement of all claims against GGP and affiliates. Ten million dollars will be paid in cash, with the rest paid in either cash or common shares, GGP said in a statement.
"We are very pleased to reach a mutually beneficial settlement," said Thomas Nolan Jr., chief operating officer of GGP "With this agreement, GGP settles one of the last remaining material issues impacting the capital structure of the new GGP and 'Spinco' as we continue our steady march toward emergence from bankruptcy."
The Summerlin planned community takes up 22,500 acres along the western rim of the Las Vegas Valley. It's home to nearly 100,000 people.