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General Growth, Hughes heirs to settle dispute: report

BANGALORE (Reuters) - U.S. mall owner General Growth Properties Inc <GGP.N> will take full ownership of a Las Vegas residential property by paying $230 million to the heirs of Howard Hughes in a bid to settle a potential dispute, the Wall Street Journal said.

General Growth will pay $220 million in either cash or stock for the Summerlin property and another $10 million in cash to cover their advisers' fees, within 30 days of its exit from bankruptcy later this year, the Journal said citing people familiar with the agreement.

This may remove a potential final hurdle in the company's efforts to exit bankruptcy.

The $230 million settlement was hammered out by Thomas Nolan, General Growth's president and operating chief, and David Elkins, a lawyer representing the heirs to the estate of the eccentric industrialist, the paper said. Hughes died in 1976.

On Aug 11, the former shareholders of Hughes Corp had filed an objection to General Growth's plan to emerge from bankruptcy, saying it does not explain how they would be paid.

General Growth and Hughes Corp could not immediately be reached for comment by Reuters outside regular U.S. business hours.

(Reporting by Mansi Dutta in Bangalore; Editing by Louise Heavens)