The most expensive shopping mall in the world is American Dream in East Rutherford, New Jersey, built for about $5 billion and opened in October 2019. If you mean the highest price a mall has actually fetched in a sale, the 2025 and 2026 record we found is Erina Fair in Australia, which sold for A$895 million (about $604 million) in January 2026. We rank both: what malls cost to build, and what buyers paid for them, as of October 2026.
| Rank | Mall | Price (USD) | Date | Basis |
|---|---|---|---|---|
| 1 | American Dream, New Jersey | about $5 billion | Opened Oct 2019 | Reported project cost |
| 2 | Erina Fair, New South Wales | about $604 million (A$895 million) | Jan 2026 | Sale |
| 3 | Victoria Gardens, California | about $530 million | Mar 2026 | Sale |
| 4 | South City Mall, Kolkata | about $375 to $380 million | Jun 2025 | Sale |
| 5 | Beverly Connection, Los Angeles | about $270 million | Mar 2026 | Sale |
1. American Dream, New Jersey: about $5 billion
American Dream opened in October 2019, closed in 2020 when COVID-19 hit, and reopened that October. Reporting puts the project cost at about $5 billion, with developer Triple Five borrowing about $1.1 billion in municipal bonds. By August 2024 missed bond payments and construction loan debt had reached about $3 billion, and annual losses had grown from $60 million to $245 million by September 2023.
How we valued it: the project cost as reported. It is a build cost, not a sale, and a 2017 financing announcement cited a $1.67 billion construction loan, which is only part of it. We did not find a reported 2025 or 2026 update.
2. Erina Fair, New South Wales: about $604 million
A joint venture of a Lendlease-managed fund and South Korea’s National Pension Service sold Erina Fair to Fawkner Property in January 2026 for A$895 million. Agents described it as the largest sole-ownership sale of an Australian shopping centre.
How we valued it: the reported sale price, converted at about $604 million as reported.
3. Victoria Gardens, Rancho Cucamonga: about $530 million
Brookfield Properties sold the 1.2 million square foot open-air center, which opened in 2004, in March 2026 to a partnership led by Redwood West and Panattoni, with Prime Finance and Prism Places. It was 98 percent leased and draws more than 14 million visitors a year. The buyers plan to spend more than $50 million on upgrades.
Our basis: the reported sale price.
4. South City Mall, Kolkata: about $375 to $380 million
Blackstone bought the mall of more than 1 million square feet from South City Projects for Rs 3,250 crore, announced on 17 June 2025. Outlets convert that to between $375 million and $380 million. Local reports called it the biggest retail deal in the city’s history.
Basis: the announced rupee price, with the dollar range depending on the exchange rate used.
5. Beverly Connection, Los Angeles: about $270 million
Cedars-Sinai bought the 340,000 square foot center at 100 North La Cienega Boulevard from Ashkenazy Acquisition Corp in March 2026 for about $270 million, roughly $790 per square foot. A follow-up report says it paid about $34 million more for the land beneath the mall in a separate deal, which would take the combined price above $300 million.
Counted as: the headline $270 million sale, before the separate land purchase.
Deals in progress
In July 2026 Landsec entered exclusive talks to buy the Metrocentre in Gateshead, UK, a 2 million square foot mall, for more than 500 million pounds. It is not a signed sale, so we do not rank it.
What we left out
Older “most expensive mall” claims, including a $2.7 billion figure often attached to Bawadi Mall in Dubai, did not hold up against anything we could find. We also dropped build costs for Mall of America and Dubai malls because we could not tie them to a filing or dated report this time.
What drives these prices
- Scale of the build. American Dream is a retail and entertainment complex on a scale few malls attempt.
- Occupancy. Victoria Gardens sold at 98 percent leased, which supports a high price.
- Land and location. Beverly Connection’s price was driven by its position beside a major hospital campus.
- Buyer type. A hospital, a private equity fund and a pension-backed seller show how varied mall buyers are now.
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What is the most expensive mall in the world?
American Dream in New Jersey, built for about $5 billion and opened in 2019.
What is the most expensive mall ever sold?
Among sales we could verify in 2025 and 2026, Erina Fair in Australia, at A$895 million (about $604 million) in January 2026.
Who bought Victoria Gardens?
A partnership led by Redwood West and Panattoni, with Prime Finance and Prism Places, paid about $530 million in March 2026.
How much did Blackstone pay for South City Mall?
Rs 3,250 crore, or about $375 to $380 million, announced in June 2025.
Why did Cedars-Sinai buy a mall?
The hospital faces space constraints on its main campus, and the reported price was about $270 million in March 2026.
Is American Dream profitable?
Reports through 2024 described heavy losses and about $3 billion of accumulated debt. We found no more recent financial update.
How we put this list together
We ranked malls by reported project cost or documented sale price, and say which is which. Prices are as reported on the date shown, with conversions as reported. We did not rank asking prices or talks.
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Last updated: October 2026.
