Michael Jordan’s 56,000-square-foot Highland Park compound is on the market after a failed attempt to auction it off. The custom residence was recently featured on Extra TV’s Millionaires and Mansions and boasts 9 bedrooms, 15 bathrooms, an NBA-regulation basketball court, a guesthouse, and 3 climate-controlled garages that can house a total of 14 cars. Jordan purchased the 7.39-acre lot and initiated construction of the residence in 1991, at the height of his career. He moved into the home in 1994.
The home was initially put up for sale nearly 2 years ago, in early 2012, listed for $29 million. But what the tv show Millionaires and Mansions didn’t tell you, is that Jordan was unable to sell the home even after knocking a staggering $8 million off of the asking price in July 2013, close to a 30 percent price drop. Eventually Jordan turned to auction in an attempt to sell the home in December 2013. The attempt proved unsuccessful however, as nobody made the minimum bid of $13 million.
Jordan’s eagerness to sell the estate has ignited rumors of financial woes. Jordan does have a variety of lucrative business interests, including his own highly profitable line of apparel through Nike. However, he recently went through a very lengthy $168 million divorce, which some speculated may have left him strapped for cash. Jordan, however, insists the move is about downsizing. “My kids are grown now, and I don’t need a large house in Chicago,” he told the Wall Street Journal last year.
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Jordan does own two additional residences — a $12.4 million home in Jupiter, Florida, and a $3.12 million condominium in Charlotte, North Carolina, which he purchased in order to be closer to the home court of the Charlotte Bobcats, the NBA team of which he is now the majority owner. His Chicago compound, however, is by far his most opulent property. The interior boasts special features, such as a cigar room and a massive home gym. Exterior amenities include a chipping range and putting green, tennis courts, a lily pond, an outdoor pool, and a huge flagstone patio.
The home’s most impressive feature by far is the spectacular regulation basketball court. “There’s nobody — man, woman, or child — who walks on the court who is not stunned by it,” Katherine Malkin, the home’s listing agent, recently commented. “The lighting, the floor — everything is so beautiful.”
Malkin explained that while there has been much interest in the home, few prospects actually qualify as serious buyers. Would-be purchasers must have enough liquidity to pay cash for the house in full before they can put in offers. “He was a very successful and sought-after personality, and he built a compound to fit his lifestyle,” Malkin said. The house does stand out in its neighborhood for both price and size, making it a difficult sell. Furthermore, custom homes in general can be difficult to sell, as potential buyers are limited. Still, Malkin, who has had the listing for about a year, remains optimistic. She explained that Jordan has redone parts of the property over the years and said that it is in perfect condition. “Nobody kept a house better than he did,” she said.
Check out this complete tour of Michael Jordan’s stunning estate.