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buyer has emerged to purchase Michael Jordan's iconic Highland Park mansion, more than a decade after it was first listed. The 32,700-square-foot estate on 7 acres is under contract for $14.85 million, or $454 per square foot, according to Crain's. Compass agent Katherine Malkin confirmed the sale, noting that the buyer is an end-user and not a developer.
The Highland Park estate was custom-built for Jordan in the early 1990s and features nine bedrooms, 15 full bathrooms, a gym, indoor basketball court, cigar room, theater, tennis court, pool, and garage space for 14 cars. The property has been on the market since 2012, initially listed at $29 million before being reduced to its current price.
The sale would mark significant losses for the sellers, who spent over $50 million constructing the home. If it closes near the asking price, it will be one of the top home sales in Chicago this year, but still a far cry from the original construction cost. The buyer is reportedly an individual looking to occupy the property, not a developer seeking to flip it for profit.
