Billionaire Mall Magnate David Simon Dies at 64, Leaving a Legacy of Shopping Centers Behind
David SimonThe chief executive of Simon Property Group—the owner of the country’s largest shopping mall—died on Sunday at the age of 64.
He was diagnosed with pancreatitis cancer in 2024—and, according to a press release, Simon died peacefully surrounded by his family.
“Our family is very grateful for the outpouring of love and support we have received from around the world,” the Simon family said in a statement.
“Our beloved husband, father, grandfather and brother poured his heart and soul into building the Simon Property Group. He was very proud of his family, his wife of over 40 years. Jackieand their five children: Eli, Rebecca, Hannah, Samagain Noahand seven grandchildren. We ask for privacy as we grieve our great loss.”
Simon’s empire included 206 supermarkets in 37 states, including 60 Premium Outlets.
His portfolio included 17 high-end malls such as Beverly Center in California; Stanford Shopping Center in Palo Alto, CA; and The Mall at Short Hills in New Jersey.
In suburban areas, Simon Malls serve as economic and social anchors, focusing on retail activities, attracting consumers and businesses, and driving development around them. They shape consumer behavior by shopping locally and often become public spaces.
The strategy was very successful. Simon’s family is ranked number 38 on Forbes magazine’s list of America’s wealthiest families, with an estimated net worth of $11.6 billion.
Simon’s board announced that, as of Monday, This is Simon—one of David Simon’s five children—will serve as chief executive officer and president.
“The board expresses full confidence in Eli’s leadership skills and abilities to guide the company forward,” the press release said. “The board is also confident in the forward-looking vision, strength, depth, and ability of the senior management team that Eli will lead, and for whom he has earned the respect and unwavering support.”
Larry Glasscocknon-executive chairman of the board, issued the following statement on behalf of the company’s board of directors: “David Simon was, quite simply, the best leader in the history of the real estate industry. His extraordinary intelligence, his relentless drive to succeed, and his unparalleled strategic vision transformed a privately owned family business into a respected multi-billion dollar global institution.”
Glasscock continued, “David’s legacy goes beyond financial performance. He was a leader with extraordinary integrity, steadfast honesty, and deep personal convictions. He inspired everyone around him to reach higher, think bigger, and never settle. He set the standard—not just for our company, but for the entire industry.”
Simon’s success story
David Simon was a graduate of Indiana University Kelley School of Business and Columbia University’s Graduate School of Business.
After several years working at a Wall Street investment bank, he returned to Indianapolis in 1990 to work for his father and uncle’s retail development business, Melvin Simon & Associates.
In 1993, at just 31 years old, he led the company’s first public offering on the New York Stock Exchange, raising nearly $1 billion in what was the largest IPO ever.
Since the IPO, investors in Simon Property Group have seen a total return of more than 4,500%, which is a testament to his leadership.
In 1995, at just 33 years old, David Simon was named CEO, making him one of the youngest leaders of a large public company in America.
Even as department stores declined and retailers went bankrupt, Simon hung on—investing heavily in his properties and helping found distressed brands such as Aéropostale, Brooks Brothers, Eddie Bauer, Forever 21, JCPenney, Lucky Brand, and Nautica.
At the time of his passing, Simon Property Group managed more than $200 million worth of real estate across North America, Europe and Asia, generating billions of dollars each year.
Simon was also a philanthropist. Through the David E. Simon and Jacqueline S. Simon Charitable Foundation, he has donated millions to support higher education, health care, arts and culture, and programs that support Judaism.
