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BLOOMINGTON, MN-The Ghermezian family of Edmonton, Alberta, gained 100% control of the Mall of America and all future development rights from partners Simon Property Group and Teachers Insurance and Annuity (TIAA-CREF), according to published reports. The deal, reportedly valued at more than $1 billion, follows years of lawsuits and conflict about the mall, which was conceived by the Ghermezians and Simon decades ago.

A spokesman from Indianapolis-based Simon declined to comment, but a TIAA-CREF spokesman confirmed that his organization sold its stake in the megamall. "As one of the largest institutional real estate investors in the country and active buyers and sellers of world-class properties like the Mall of America, TIAA-CREF sees these investments as an effective way to bring value to our participants," says Mark Wood, managing director of TIAA-CREF Real Estate. "We are pleased the transaction was completed successfully by all parties and wish the mall and its owners continued success."

In April 2005, an appeals court ruling upheld an earlier order requiring Simon Property Group to hand over controlling interest of the Mall of America to the Ghermezian family. In August 2004, a judge had ruled that Simon violated its fiduciary and contractual obligations to Triple Five, which is owned by the Ghermezians, by wrongfully acquiring 27.5% of the partnership interests in Mall of America from Teachers Insurance and Annuity Association in 1999. That order also made Triple Five the managing general partner of the mall.