Billionaire shopping mall magnate A. Alfred Taubman, who was jailed late in his career for a scandal that shook the art world, died at his Michigan home on Friday. He was 91.
Founder of Taubman Centers, Taubman's pioneering development of the indoor mall concept gave him a personal fortune of about $3 billion, according to Forbes.
His interest in the auction business led Taubman to buy Sotheby's, serve as its chairman, and take the company public in 1988. The 2001 price-fixing scandal involving Sotheby's and rival auctioneer Christie's landed Taubman in prison for nearly a year. He paid about $7.5 million in fines. He denied any wrongdoing in his 2007 autobiography Threshold Resistance.
After the anti-trust conviction, Taubman devoted much time to philanthropic endeavors with his foundation giving hundreds of millions of dollars to education, arts, medical and other causes.