Walk into the Mall of America on a Saturday and you’re instantly swallowed by the sheer scale of it. Between the screaming kids at Nickelodeon Universe and the endless sea of shoppers at Zara, it’s easy to forget that this isn't just a local landmark or a government-run monument. It is a privately owned business. A massive one.
Honestly, the question of who actually holds the keys to the 5.6-million-square-foot kingdom in Bloomington, Minnesota, is a lot more dramatic than you'd expect. It’s not some faceless American REIT or a local Minnesota billionaire.
The Mall of America is owned by the Triple Five Group, a global conglomerate controlled by the Ghermezian family.
If that name doesn't ring a bell, it should. They are essentially the royal family of "megamalls." Based in Edmonton, Canada, this Iranian-Canadian family has spent decades building some of the most ridiculous—and successful—retail-entertainment hybrids on the planet.
The Ghermezian Family: Real Estate’s Biggest Dreamers
The story of the Ghermezian empire sounds like something out of a movie. Jacob Ghermezian, the family patriarch, moved his four sons from Iran to Canada in the 1960s. They started out in the rug business. Seriously. From selling Persian rugs to owning the largest shopping center in the Western Hemisphere is quite the glow-up.
Triple Five isn't just a landlord. They are developers who think in terms of "spectacle." They own the West Edmonton Mall (the original big brother to MOA) and the newer American Dream in New Jersey.
The brothers—Nader, Eskander, Raphael, and Bahman—became famous for their aggressive negotiation style. They didn't just want to build stores; they wanted indoor roller coasters, massive aquariums, and full-scale water parks.
Why the Ownership Status Got Complicated
For a long time, there was a lot of confusion about whether the Ghermezians actually owned the whole thing. Back in the early 2000s, the Mall of America was essentially a joint venture. The Ghermezians were partners with Simon Property Group, which is one of the biggest mall owners in the U.S.
Things got messy. There was a massive, six-year legal battle between the two groups. It was a corporate soap opera.
Basically, the Ghermezians sued Simon, claiming they were cut out of a secret deal involving equity stakes in the property. They won. By 2006, the Ghermezian family gained full control of the Mall of America after a billion-dollar buyout. Since then, it’s been their ship to sail.
Who Really Runs the Day-to-Day?
While the Ghermezian family owns the property, they don’t personally walk the floors checking for spills. The management is handled by MOAC Mall Holdings, LLC, which is just the legal arm Triple Five uses to keep the lights on and the escalators moving.
Don Ghermezian currently serves as the CEO of Triple Five Group. He’s the one usually seen in the press defending the mall’s future or announcing the next $400 million expansion.
The Financial Safety Net (Or Lack Thereof)
It's no secret that the retail world has been on a rollercoaster. You might have heard rumors about the mall being in "trouble" during the pandemic.
There's some truth to it. Because Triple Five used the Mall of America as collateral for their massive American Dream project in New Jersey, the finances are intertwined. When the New Jersey mall struggled, the Mall of America was briefly on the hook.
However, as of 2026, the Mall of America remains the crown jewel of their portfolio. It’s the cash cow that keeps the rest of the operation afloat.
The Role of Public Funding and the City of Bloomington
Wait, if it’s privately owned, why is the city always involved? This is where people get confused. The Mall of America is "privately owned," but it sits on a bedrock of public-private partnerships.
The Bloomington Port Authority was the entity that originally bought the land (the old Metropolitan Stadium site) back in the 80s. Even now, the city and the state of Minnesota provide massive tax breaks and subsidies to keep the mall expanding.
Take the new Mystery Cove water park project, for example. It’s a $432 million endeavor slated for 2029.
- Triple Five Group is putting up the equity and taking on private loans.
- The City of Bloomington is using Tax Increment Financing (TIF) to help pay for it.
- The Ghermezian family has even had to provide personal guarantees for some of the funding.
So, while the Ghermezians own the "business," the public is a silent, very invested partner in its survival.
Common Misconceptions About the Ownership
- "The state of Minnesota owns it." Nope. They just really, really want it to succeed because it generates about 12% of Bloomington's tax base.
- "It's owned by a group of investors on the stock market." No. Triple Five is a private company. You can't buy "Mall of America stock."
- "The stores own their space." Most stores, even the big anchors like Macy's or Nordstrom, are tenants. They pay rent to Triple Five.
What’s Next for the Mall of America?
The ownership is currently doubled down on "experiential" retail. They know that just selling T-shirts won't cut it anymore. That's why you see a shift toward hotels (like the JW Marriott and Radisson Blu attached to the mall) and the massive water park expansion.
The Ghermezian family is betting the house that people will still travel across the world for a mall, as long as that mall is also a theme park and a vacation destination.
Practical Takeaways for Your Next Visit:
If you're heading there, keep in mind that this is a privately managed space, which means they have their own security and rules that differ from public parks. If you're looking for the people in charge, you're looking for Triple Five Worldwide.
Keep an eye on the Mystery Cove progress over the next few years. The groundbreaking is expected to happen soon, marking the next chapter of the Ghermezian family’s attempt to keep the "megamall" alive in a digital age.
To stay updated on the mall's specific financial shifts or new tenant announcements, checking the Bloomington Port Authority’s public meeting minutes is actually the most reliable way to see what's happening behind the scenes with the ownership's plans.