Mall Magnate, Pacers Co-owner Mel Simon Dies At 82

TOM DAVIES

INDIANAPOLIS (AP) — Building suburban indoor malls that drew generations of American shoppers was Melvin Simon's specialty. He was among the first to jump on the trend in the 1960s, starting a company that eventually made him a billionaire and became the largest in the business.

Simon, who led what is now Indianapolis-based Simon Property Group Inc. for nearly 40 years and also owned the NBA's Indiana Pacers with his brother, died Wednesday at age 82, company spokesman Les Morris said. Details on the circumstances were not released.

Simon had not made any public appearances in recent months and his brother had asked for prayers for him at a July event during which the two were honored as Indiana legends.

Simon was working for an Indianapolis real estate company when he and his younger brother, Herbert, started their own company in 1960. Simon Property Group, a real estate investment trust, now has full or partial ownership of more than 300 shopping malls in the United States, Europe and Japan, netting Simon a fortune that Forbes magazine estimated this year at $1.3 billion.

Norman Kranzdorf, a Philadelphia-area developer who built shopping centers throughout the East Coast, said Simon helped lead the suburban mall trend by signing up major tenants such as J.C. Penney and Sears.