realestate

Why Michael Jordan Refuses to Lower Price on Chicago Mansion Despite 12 Years on Market

Here's a possible rewrite of the subheading: "Jordan's Mansion: A Record-Setting Property That Refuses to Sell"

M
ichael Jordan's sprawling Highland Park estate has been on the market for over a decade, despite a significant price drop from its initial listing of $29 million to around $15 million today. Despite numerous marketing campaigns and price reductions, the property remains unsold. The question on everyone's mind is whether the house is too "Jordan" for anyone else to own.

    The 56,000-square-foot mansion is a testament to Jordan's legacy, featuring a basketball court with his name and those of his children painted across it, a home theater displaying his likeness in lights, and a locker room, trophy room, and cigar-friendly poker parlor. The property is guarded by a custom iron gate bearing his uniform number 23, and some of the doors come straight from Hugh Hefner's original Playboy Mansion. There's even a built-in aquarium.

    Jordan built the house in 1994 and is in no rush to sell, despite offers to repurpose the estate for various ventures. He views the property as unique and tied to his legacy, making it a special purchase for the right buyer. The property's location, away from Lake Michigan, has been cited as a reason for the lack of interest.

    Selling a celebrity's ultra-personalized digs is no easy feat. Derek Jeter's New York lakefront home, complete with turrets and a mini Statue of Liberty, sat unsold for six years and required nearly $10 million in price cuts before finally moving at $5.1 million. Rocker Slash struggled for two years to find a buyer for his skull-themed mansion, while Joe Pesci's Goodfellas-style Jersey Shore residence took three years to sell.

    Jordan is unwilling to reduce the price of his mansion because he believes the property is worth more than what current offers reflect. He famously pulled out of a 2013 auction because he didn't want to sell the house for less than its worth. Jordan's camp has tried creative tactics to find the right buyer, including a marketing blitz featuring dramatic videos in both English and Mandarin, leveraging Jordan's massive popularity in China.

    Interested buyers are required to sign a nondisclosure agreement before even setting foot in the mansion. Despite dozens of serious buyers touring the home over the past few years, no one has bitten. The property's location away from Lake Michigan's coveted waterfront has also been a sticking point for potential buyers.

    Jordan views the property as unique and tied to his legacy, making it a special purchase for the right buyer. He doesn't seem fazed by the lack of interest, having paid more than $1 million in taxes on the property since it was first listed and recently invested in a new roof. With a fortune that includes $94 million in NBA earnings, $480 million from Nike — and other deals with Gatorade, Hanes, and Upper Deck, not to mention his recent sale of a majority stake in the Charlotte Hornets — Jordan is in no rush to sell.

Michael Jordan's Chicago mansion remains unsold after 12 years on market.