CARMEL, Ind. -- The suburban Indianapolis estate of the late billionaire Mel Simon is being given to a foundation dedicated to 20th century American music history.
The Carmel-based Great American Songbook Foundation says Bren Simon is giving it the 107-acre Asherwood estate she owned with her husband, who was co-founder of shopping mall company Simon Property Group and co-owner of the Indiana Pacers.
Foundation officials say the estate and its 50,000-square-foot main house hold promise as a potential museum and that it will conduct a feasibility study for using the property. The foundation founded by musician Michael Feinstein has more than 100,000 items in its collection.
The estate in Carmel was offered for sale for $25 million in 2014. A developer dropped plans last month for turning it into a luxury home neighborhood.