A Failed Property..!


Here’s Michael Jordan’s 56,000-square-foot house in Chicago, and why it’s still on the market after 6 years

Michael Jordan house

Concierge Auctions; Stephan Savoia/AP

  • Michael Jordan has been unable to sell his 56,000-square-foot house in Chicago.
  • The house has gone through multiple price cuts and an unsuccessful auction.
  • At one point, Jordan even offered to include a complete set of Air Jordans with the house.
  • Several factors are working against MJ, including the personal modifications and the location.

Michael Jordan’s enormous house in Chicago is still on the market after six years despite cutting the price nearly in half and still paying more than $100,000 in annual property taxes.

The house was originally listed for $29 million and has every bell and whistle you can think of. There’s a pool with a grass island in the middle of it, a door from the Playboy Mansion, a table based on the streets of Baghdad, and MJ-branded golf flags.

Below, we take a closer look at the house, and why it’s struggling to find a buyer. Most images are from footage provided by Concierge Auctions.

Tony Manfred contributed to this post.

The 56,000-square-foot, 7-acre compound from the air.

The gate to get in, fittingly.

Michael Jordan House

Zillow

The price on the house has dropped several times and is now going for $14.9 million, or about $265 per square foot. That is a far cry from the original price of $517 per square foot. The exact price is $14,855,000, and the numbers in that price add up to 23 — because of course they do.

The long drive from the gate and full-grown trees ensure that the house has complete privacy.

2018 10 23_9 21 46

Concierge Auctions

Jordan had the house built from scratch to his personal tastes.

2018 10 23_9 23 57

Concierge Auctions

The outdoor space is spectacular. There’s a tennis court.

An infinity pool with a grass island in the middle.

A putting green.

Complete with Jordan Brand flag sticks.

In 2015, the agent working to sell the house at the time promised that the buyer would also receive every edition of Air Jordans in his or her size.

Air Jordans

Nicholas Hunt/Getty Images for Tribeca Film Festival

Source: Maxim

There’s a pond stocked with fish.

The patio is enormous.

MJ lived in the house for 19 years.

2018 10 23_9 46 43

Concierge Auctions

Here is the view when you first walk in the front door with a piano in the background.

2018 10 23_9 25 03

Concierge Auctions

A view of the piano room.

2018 10 23_9 27 13

Concierge Auctions

He has the door from the original Playboy Mansion in Chicago. Let’s go inside …

Those are the doors to the room with the pool table.

2018 10 23_9 42 09

Concierge Auctions

The full-court basketball court is the centerpiece of the house.

The court has his name at both ends.

2018 10 23_9 32 40

Concierge Auctions

And the Jumpman logo at center court includes the names of his children (his daughter’s name is out of view).

2018 10 23_9 31 10

Concierge Auctions

The sitting area outside the court where you wait to play.

Adam Rosenfeld, of the luxury-real-estate startup Mercer Vine, told Marketwatch in 2016 that Jordan was likely struggling to sell the house because of all of the personalized customizations. In addition, the house is not in an area where wealthy celebs are looking for houses.

Michael Jordan House

Zillow

From Marketwatch:

But despite the appeal the home may hold for Chicago Bulls fans and other sports lovers, its sheer size and personalized features are likely what’s making it difficult to find the right buyer, some in the business say. And while it is located in one of Chicago’s higher-end suburbs, Highland Park, it’s not situated in a place where celebrities are commonly looking for homes — Beverly Hills, for example.

“Kofi is brilliant with marketing strategies,” and playing up Jordan’s celebrity is wise, said Adam Rosenfeld, founding principal of luxury-real-estate startup Mercer Vine, in the Los Angeles area. “But when you have such a specific property that is so customized, it’s going to be an uphill battle.”

The dining room comes with a “Baghdad table.”

That grid on the table is the based on the streets of Baghdad.

A skylight over the kitchen table.

There is no need to worry about the house rotting while remaining unsold. The house is still occupied by staff who are employed by Jordan to keep the house looking fresh.

Source: The Real Deal

Jordan is also still paying a lot in property taxes. The annual bill is more than $100,000, and he has paid nearly $700,000 in property taxes since he put it on the market six years ago.

Michael Jordan house

Zillow

Source: Zillow

One of the dining areas off the kitchen comes with a large aquarium built into the wall.

2018 10 23_9 36 33

Concierge Auctions

The house has nine bedrooms.

And 19 bathrooms.

The house comes fully furnished, although some of the pieces may be a tad dated.

2018 10 23_9 45 04

Concierge Auctions

The cigar room.

The cigar room also has plenty of card tables where we’re guessing Jordan undoubtedly played some high-stakes poker games.

Michael Jordan house

Zillow

Even the railing in the cigar room is ornate.

There’s a full gym.

Jordan’s Bulls teammates used to work out here every morning.

One problem is that Jordan may feel his celebrity status adds value to the house, but, according to one expert, people do not pay more for a house just because somebody famous owned it.

michael jordan

Chuck Burton/AP

From The Real Deal:

Stephen Shapiro, of the Westside Agency, a Los Angeles-based luxury brokerage, said “almost without exception” people won’t pay more for a house just because it’s owned by a celebrity.

“But you know who tends to think a property is worth more because a celebrity lived there? The celebrity trying to sell it,” Shapiro said.

The wine cellar.

The house remains unsold despite attempts to get creative, including marketing to wealthy people in basketball-crazed China.

Source: Maxim

One of the many “great rooms” around the house.

The library upstairs was said to be MJ’s favorite room, with a drop-down movie screen.

2018 10 23_9 40 03

Concierge Auctions

Even the seemingly random nooks have TVs.

Between the house and the patio there’s another TV room with a 110-inch TV.

This area used to be an indoor pool. Jordan renovated it after he moved in and added sliding walls to both sides that can make the gathering room either indoor or outdoor depending on the mood and the weather.

2018 08 13_11 23 37

Concierge Auctions

Just one section of the patio.

Jordan did try to auction the house in 2013, but the minimum bid of $13 million was never met.

Michael Jordan house

Zillow

Here is what Jordan said about the auction at the time.

2018 10 23_9 19 35

Concierge Auctions

Another view from above of the house and the island pool.

2018 10 23_9 43 46

Concierge Auctions

There’s also a three-bedroom guest house.

The family room of the guest house.

The guest house kitchen.

One issue is the location. Most of the homes in this price range in this area are closer to Lake Michigan, a few miles east of this house.

“Buyers at that level in that area tend to want to be closer to the lake,” Missy Jerfita of Berkshire Hathaway HomesServices told The Real Deal.

Since Jordan put his Chicago home on the market, he has since purchased a lakefront house in North Carolina that’s in a golf-course community.

The house is in Cornelius, about a 30-minute drive from the Charlotte Hornets’ arena. MJ purchased the house for $2.8 million after it was originally listed for $4 million.

Source: Fox Sports

Jordan also reportedly bought a house on a golf course in Jupiter, Florida, for $4.8 million in 2013 and spent $7.6 million on renovations.

Michael Jordan house in Jupiter

Zillow

Source: Jeff Realty

He also owns a condo in downtown Charlotte, in the same building as Cam Newton. The condos reportedly go for between $1.5 and $3.5 million.

2018 08 13_11 21 18

YouTube

Source: Charlotte Agenda

He continues to wait for a buyer for the Chicago-area home. Of course MJ is estimated to be worth $1.65 billion, so he can afford to wait for the right owner to come along on his old Chicago digs.

Michael Jordan

Isaac Brekken/Getty

Source: Forbes

Now check out the fabulous lifestyle of MJ.

Michael Jordan

Jordan Brand via Getty Images

MICHAEL JORDAN: How the richest NBA player ever spends his $1.65 billion

https://www.businessinsider.com/michael-jordan-house-pics-2013-11?nr_email_referer=1&utm_source=Sailthru&utm_medium=email&utm_content=Business_Insider_select&pt=385758&ct=Sailthru_BI_Newsletters&mt=8&utm_campaign=Business%20Insider%20Select%202019-10-16&utm_term=Business%20Insider%20Select

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.