General Growth's (GGP) CEO, John Bucksbaum, Pays Off $588M Citigroup Loan

General Growth Properties (NYSE: GGP) disclosed in a Securities and Exchange Commission filing that its founding Bucksbaum family, including Chairman and Chief Executive John Bucksbaum, on Thursday paid off a roughly $588 million loan from Citigroup Inc. (NYSE: C) that it had used to buy 12.5 million shares of the GGP's stock over the past 2 years.

The Bucksbaums DID NOT sell any General Growth stock to repay the loan. That contrasts to nine General Growth executives who over the past three months, sold about 5.6 million shares of stock for $112 million, mostly to meet margin calls.

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General Growth Properties, Inc. (GGP) is a self-administered and self-managed real estate investment trust (REIT).

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