Shopping mall development Taubman incorporated
Taubman Centers, Inc. in 1973. Thirteen years later, in 1986, the company relocated its headquarters to
Bloomfield Hills, Michigan. His developments such as the
Mall at Short Hills in New Jersey continue to be ranked among the most profitable shopping centers in the country as of 2007. On February 10, 2020, it was announced that Simon Property Group had entered into a deal to acquire Taubman Centers for $52.50 a share, in a deal valued at $3.6 billion.
Sotheby's Taubman bought ailing British auction house
Sotheby's in 1983, acting as a
white knight when the company was threatened by an unwelcome
hostile takeover by
Marshall Cogan and
Stephen Swid of General Felt. He revived the fortunes of Sotheby's, which had been slumping in the 1980s, and took the company
public in 1988. His family divested controlling interest in Sotheby's by September 2005.
Other business Taubman led a group that bought the
Irvine Company in 1977 and sold his stake to
Donald Bren in 1983. Taubman bought
A&W Restaurants in 1982, and sold it to Sagittarius Acquisitions in December 1994. From 1983 to 1984, Taubman was the majority owner of the
Michigan Panthers of the
United States Football League. Although the Panthers acquired a fairly loyal following and
won the first USFL title in 1983, the USFL's decision to move from the spring to the fall led Taubman to merge his team with the
Oakland Invaders for the
1985 season, with himself as majority owner of the Invaders. That team folded along with the rest of the USFL after the 1985 season. In 1993, he invested in Athena Group, which developed residential and office properties in the U.S.,
Russia, and
Azerbaijan. During the mid-1990s, he also acted as a consultant for commercial real estate projects in Russia, on developments such as
Arbat Center, Balchug Plaza,
Moscow Logistics Park, Four Winds Plaza, and Leninsky Prospekt in Azerbaijan. ==Antitrust conviction==