Mall Magnate Melvin Simon's Estate Finally Settled - New York Estate Planning News

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Mall Magnate Melvin Simon's Estate Finally Settled

The family members of mall magnate Melvin Simon were still in court over his estate, three years after his death, reports The Indianapolis Star. But the court dates are now over as his $2 billion estate is finally settled. The details of the settlement remain hushed.

A settlement in the $2 billion estate was approved on Wednesday. The largest part of his estate included shares in his shopping mall empire. He died in 2009 at the age of 82, and family members began fighting over the estate almost immediately.

The parties involved in the will contest were the daughter of Melvin Simon and his widow. The daughters allege that their father suffered from dementia at the time his will was amended.

Deborah Simon, the daughter, initially challenged the will, claiming that amendments to the will gave her stepmother a larger piece of the estate than originally anticipated, reports the Indianapolis Business Journal.

The settlement was kept sealed due to the fact that it involved shares of the publicly traded Simon Property Group, Inc. The settlement needed to be signed off on not only by Simon's daughters and the widow, but also by many affected beneficiaries, including Indiana State University.

While little is known about the exact settlement, The Indianapolis Business Journal reports that the settlement did end a bi-weekly distribution of $125,000 to Simon's widow, Bren Simon.

In cases involving shares of companies, particularly significant amounts of those shares, courts are willing to resolve the cases swiftly. Stock prices fluctuate, causing changes in the valuation of the estate.

Bren was married to Melvin for 37 years and was over ten years younger her husband. According to statements made in the estate battle, as reported by the Business Journal, Bren claimed that her step children had been cruel to her regularly, ever since she joined the family.

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