What is Ghermezian Brothers' Net Worth?
Ghermezian Brothers are Iranian-Canadian real estate developers who have a net worth of $2 billion dollars. The family business is best known for developing record-sized malls. Among their real estate holdings, the family developed the Mall of America in Bloomington, Minnesota (which broke ground in 1989) and the West Edmonton Mall in Edmonton, Alberta. The Ghermezian Brothers, comprised of brothers Eskandar, Nader, Raphael and Bahman, grew the family business into a real estate and construction empire. In 2011, the family's Triple Five Group acquired the troubled Xanadu Meadowlands project in New Jersey, renaming the project American Dream Meadowlands and announced a major expansion expected to open in the fall of 2016.
The family patriarch Jacob Ghermezian established his own business in Iran in 1917 and erected his first multi-use facility in Tehran in 1920. In 1940, Jacob moved his family to the United States, relocating again in 1959 to Edmonton, Alberta, Canada, where the Triple Five Group was formed. The corporation boasts a world-wide enterprise with over 2,000 staff members and encompassing development, management and ownership of world-scale ventures in fields that include shopping centers, tourism projects, office buildings, municipal planning and development and revitalization programs and their implementation, urban entertainment destinations, recreation and amusement parks, hospitality projects, casinos, residential developments, commercial and industrial real estate, auto and industrial manufacturing, natural resource development (oil, gas and minerals), technology, research, venture capital, banking and finance. The Ghermezians have been awarded the Great Canadian Award, The Family of the Century Award and the Alberta Centennial – Canada. The renovation of the American Dream Meadowlands was later pushed back until 2018.
