Matthew Bucksbaum facts for kids
Quick facts for kids
Matthew Bucksbaum
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| Born | February 20, 1926 Marshalltown, Iowa, U.S.
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| Died | November 24, 2013 (aged 87) |
| Education | B.A. University of Iowa |
| Occupation | Real estate developer |
| Known for | Co-founder of General Growth Properties |
| Spouse(s) | Carolyn "Kay" Swartz |
| Children | 2 |
| Military career | |
| Allegiance |  United States |
| Service/ |
 United States Army Air Forces |
| Years of service | World War II |
| Unit | .svg){kind=small} Fifth Air Forces Cryptographer |
| Battles/wars | Southwest Pacific Area New Guinea campaign |
Matthew Bucksbaum (born February 20, 1926 – died November 24, 2013) was a successful American businessman. He was also a generous person who gave money to good causes. Matthew, along with his brothers Martin and Maurice, started a big company called General Growth Properties. This company built and managed many shopping malls.
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Early Life and Education
Matthew Bucksbaum was born in Marshalltown, Iowa. His parents were Ida and Louis Bucksbaum. During World War II, Matthew served in the United States Army Air Forces. He worked as a cryptographer in New Guinea. This means he helped decode secret messages.
After the war, he went to the University of Iowa. In 1949, he earned a Bachelor of Arts degree in Economics. He graduated with high honors. His family already owned three grocery stores.
Building a Business Empire
In 1954, Matthew and his brother Martin decided to build something new. They borrowed money to build the first shopping center in Cedar Rapids, Iowa. A family grocery store was the main shop there. They soon started building enclosed malls. These malls became popular as more people moved to the suburbs.
By 1964, their company, then called General Management, owned five malls. These malls often had a Younkers department store as a main attraction.
General Growth Properties
In 1972, their company became public. This meant people could buy shares of the company on the New York Stock Exchange. The company was renamed General Growth Properties (NYSE: GGP). It grew to become the second-largest owner and manager of shopping malls in the country.
Matthew Bucksbaum was the chairman and CEO of the company. Under his leadership, the company bought many more malls and shopping centers. They made over $36 billion in new purchases. In 1984, General Growth sold 19 malls for $800 million. This was a huge deal at the time.
After his brother Martin passed away in 1995, Matthew moved the company to Chicago. In 2004, General Growth bought another large company called The Rouse Company. By 2007, General Growth owned 194 malls across 44 states. These malls covered a massive area, over 200 million square feet. However, in 2008, the company faced financial difficulties and filed for bankruptcy protection.
Giving Back to the Community
Matthew Bucksbaum was known for his generosity. He gave money to many different organizations. He was on the board of trustees for the Aspen Music Festival and School. He also supported the Chicago Symphony Orchestra and the Lyric Opera of Chicago.
In Des Moines, Iowa, he was president of Temple B'nai Jeshurun. He also led the Polk County Mental Health Association. He was a director for the Iowa Natural Heritage Foundation. Matthew donated $42 million to the University of Chicago. This money helped create the Bucksbaum Institute for Clinical Excellence.
Family Life
Matthew Bucksbaum was married to Carolyn "Kay" (Swartz) Bucksbaum. They lived in Chicago and had two children. Their son, John Bucksbaum, later became the CEO of General Growth Properties. Their daughter, Ann Louise Bucksbaum, is married to the journalist Thomas Friedman. In 2011, Matthew Bucksbaum was estimated to be worth about $1.2 billion.
Later Years and Passing
Matthew Bucksbaum passed away in Chicago on November 24, 2013. He was 87 years old.
