LAS VEGAS-Bankruptcy hit mall operator, General Growth Properties Inc. has agreed to pay Howard Hughes' heirs $230 million for their lingering interest in the 22,500-acre Summerlin, a huge residential development in Las Vegas.
General Growth will pay $220 million to the heirs and $10 million for their advisor's fee within 30 days of its emergence from Chapter 11, making it the sole owner of the development. For the full story, go to Wall Street Journal.
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