realestate

Selling Michael Jordan's mansion: 12 years of lessons learned from a failed listing.

Kofi Nartey employed creative tactics to sell Michael Jordan's Chicago-area estate, which languished on the market for 12 years.

M
ichael Jordan's Chicago mansion, a 56,000-square-foot behemoth, had been on the market for seven years when I joined the listing team in 2015. As one of the agents representing the iconic property, my goal was to tap into its unique story and appeal to potential buyers who would appreciate the prestige that came with owning a piece of basketball history.

    The mansion's opulent features, including a full-court gym, cigar lounges, and a swimming pool shaped like a basketball hoop, were designed to provide Michael Jordan with a private oasis where he could escape the paparazzi and enjoy time with his family. However, these bespoke elements made it challenging to find comparable properties for pricing purposes.

    To generate buzz and attract serious buyers, I employed an unorthodox marketing strategy. I repositioned the price by adding up to the number 23 – a nod to Jordan's iconic jersey number – resulting in a listing price of $14,855,000. This move generated international attention, and prospective buyers began to take notice.

    To further entice potential buyers, I offered a unique incentive: a pair of each Air Jordan shoe that had been released during the buyer's lifetime, tailored to their size. This offer added an extra layer of excitement to the property, making it more than just a luxury home – it was an experience.

    While I didn't ultimately close the deal, I believe that with a bit more time and the right marketing approach, we could have secured a sale price exceeding $9.5 million. The property's unique story and features are undeniable assets, and with the right buyer, they can be leveraged to create a truly unforgettable ownership experience.

    The Jordan estate's eventual sale in 2024 for $9.5 million was a testament to its enduring appeal, even after years on the market. As an agent who had the privilege of working with this legendary property, I remain convinced that its true value lies not just in its price tag but in the stories it tells and the experiences it offers – a true trophy property for the discerning buyer.

Michael Jordan's former mansion, failed listing, real estate lessons learned in Chicago.