Matthew Bucksbaum & family

About Matthew Bucksbaum & family

Birth Day: February 20, 1926
Birth Place: United States
Died On: November 24, 2013(2013-11-24) (aged 87)\nChicago
Birth Sign: Pisces
Cause of death: complications from Alzheimer's disease
Education: B.A. University of Iowa
Occupation: Real estate developer
Known for: Co-founder of General Growth Properties
Spouse(s): Carolyn Swartz
Children: John Bucksbaum Ann Bucksbaum
Parent(s): Ida Gervich Louis Bucksbaum
Family: Martin Bucksbaum (brother) Maurice (brother)
Allegiance: United States
Service/branch: United States Army Air Forces
Years of service: World War II
Unit: Fifth Air Forces Cryptographer
Battles/wars: Southwest Pacific Area New Guinea campaign

Matthew Bucksbaum & family Net Worth

Matthew Bucksbaum & family was bornon February 20, 1926 in United States. Hit hard by the credit crisis, Bucksbaum's General Growth Property filed the largest real estate bankruptcy in U.S. history. It has since restructured billions in debt but neither Matthew nor his son, John, are part of the business any longer. Matthew and his brother started GGP in 1954. By 2007, GGP was the nation's second-largest REIT, owning 200 million square feet across 194 malls and planned communities in 44 states. John Bucksbaum served as CEO from 1999 to Oct. 2008. He is no longer on the board, but family still owns a chunk of the mall giant.
Matthew Bucksbaum & family is a member of Real Estate

💰 Net worth: $1.2 Billion

2010 $1.1 Billion
2011 $1.2 Billion
2018 $1.2 Billion

Some Matthew Bucksbaum & family images

Biography/Timeline

1949

Bucksbaum was born to a Jewish family in Marshalltown, Iowa, to Ida (Gervich) and Louis Bucksbaum. During World War II, he served in the Army Air Forces in the Southwest Pacific Theatre as a cryptographer based in New Guinea. He graduated from the University of Iowa cum laude with a Bachelor of Arts in Economics in 1949, where he was a member of the Phi Beta Kappa Society and the Order of Artus. His family owned a chain of three grocery stores.

1954

In 1954, Bucksbaum and his brother Martin borrowed $1.2 million and built the first shopping center in Cedar Rapids, Iowa, anchored by a fourth family grocery store. They expanded into enclosed malls which mirrored the continued movement to the suburbs seen in the 1960s. By 1964, their company - then named General Management - owned five malls anchored by the Younkers department store. In 1972, the company became publicly traded on the New York Stock Exchange under the name General Growth Properties (NYSE: GGP) and became the second-largest owner, developer, and manager of regional shopping malls in the country. Bucksbaum served as its Chairman and Chief Executive Officer and under his tenure, he formed two Real estate investment trusts and expanded the company's portfolio of malls and shopping centers via more than $36 billion in acquisitions. In 1984, General Growth sold 19 malls for $800 million to Equitable Real Estate, which was deemed the “nation’s largest single asset real estate transaction” to date. In 1995, his brother Martin died and he re-located the company to Chicago. In 2004, General Growth purchased The Rouse Company for $14.2 billion. By 2007, General Growth was the second-largest REIT owning 194 malls with over 200 million square feet in 44 states. In 2008, General Growth filed for Chapter 11 bankruptcy protection after the collapse of the stock market.

1999

He was married to Carolyn (Swartz) Bucksbaum, who was also Jewish. They had two children. Their son, John Bucksbaum, served as CEO of General Growth Properties from 1999 to 2008, and as its Chairman from 2007 to 2010. Their daughter Ann Louise Bucksbaum is married to Journalist Thomas Friedman. They resided in Chicago. As of March 2011, he was worth an estimated US$1.2 billion.

2013

He died in Chicago of complications from Alzheimer's disease on November 24, 2013.