Who Owns Mall of America?

Mall of America is owned and operated by the Triple Five Group , a Canadian real estate development company controlled by the Ghermezian family. However, the ownership structure has a notable twist: since 2021, a consortium of major banks holds a 49% equity stake in the property after Triple Five defaulted on loans tied to its American Dream project in New Jersey.

Ownership Breakdown

Owner| Stake| Notes
---|---|---
Triple Five Group (Ghermezian family)| ~51%| Original developer; retains majority control and management 112
Bank consortium (J.P. Morgan, Goldman Sachs, others)| ~49%| Acquired equity stake after 2021 loan default on American Dream 17

Background on the Ghermezian Family and Triple Five

The Ghermezian family—originally from Iran, later based in Canada—founded Triple Five Group and developed some of North America's largest shopping and entertainment complexes. In addition to Mall of America (opened in 1992 in Bloomington, Minnesota), Triple Five also owns and operates:

  • West Edmonton Mall (Alberta, Canada)
  • American Dream (East Rutherford, New Jersey)

The family used Mall of America as collateral for financing the American Dream project, which ran into financial trouble and led to the 2021 default.

Recent Developments (2025–2026)

  • In November 2025 , Triple Five Group extended the $1.4 billion mortgage on Mall of America, indicating ongoing efforts to manage debt tied to the property.
  • Despite the bank stake, Triple Five continues to manage day-to-day operations and pursue new retail and entertainment tenants at the mall.

TL;DR

Mall of America is majority-owned by the Ghermezian family's Triple Five Group , but since 2021, major banks hold a 49% stake due to a loan default linked to the American Dream project.

Information gathered from public forums or data available on the internet and portrayed here.