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Simon Property settles spat with mall tycoon’s estate

– Simon Property Group Inc. settled a dispute with the estate of shopping mall magnate Melvin Simon that’s netted his trust’s ultimate beneficiaries nearly $1 billion.

The Indianapolis-based company disclosed Wednesday in a Securities and Exchange Commission filing that the settlement called for exchanging about 6.5 million in Simon’s ownership units for roughly 5.9 million common shares. That led to gross proceeds of about $943.7 million for the Melvin Simon Family Enterprises Trust.

The Indianapolis Business Journal reported Thursday that the settlement removes the publicly traded company from an ongoing legal battle in Hamilton County over Melvin Simon’s $2 billion-plus estate.

That fight pits Simon’s widow, Bren Simon, against his children from an earlier marriage.

A jury trial is scheduled for July 2013 in that case.

The conversion of Melvin Simon’s units – a large chunk of his estate’s holdings – allows his family’s trust to diversify its assets, preserving the proceeds for the trust’s ultimate beneficiaries.

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