If you think the current housing market is leaving sellers frustrated, just ask former NBA great and entrepreneur Michael Jordan about his Highland Park, Illinois, estate, which has been on the market for 10 years.
Jordan listed the estate for sale in 2012, after living there for 19 years. The asking price was $29 million. By January 2013, however, he lowered the price to $21 million. With no prospective buyers on the horizon, Jordan decided to place the property on an auction — promising the sale to bidder above $13 million. Yet the auction strategy was also a dead end. That December, he relisted the home for $16 million. Nine years later, Jordan has dropped the price again — to $14.9 million.
In the 10 years the estate has been on the market, creative tactics such as marketing to wealthy basketball fans in China have not helped sell the property. And, in 2015, according to Business Insider, a real estate agent promised that a buyer would receive every edition of Air Jordans.
Currently, staff members of Jordan’s team live on the property. Jordan reportedly is paying property taxes of more than $130,000. Zillow estimates Jordan has spent more than $2.5 million in property taxes since putting the house on the market in 2012.
Jordan at a Glance
Jordan, also known as MJ, is considered “the greatest basketball player of all time.” Retired for almost 20 years, Jordan is the current owner of the Charlotte Hornets and is worth $2.2 billion, according to Celebrity Net Worth.
He played for 15 seasons before his final retirement in 2003, winning six championships with the Chicago Bulls. Among his awards and achievements: Jordan was named NBA Finals MVP six times, earned 10 NBA scoring titles, 10 All-NBA First Team designations, nine All-Defensive First Team honors, 14 NBA All-Star Game selections, and the NBA Defensive Player of the Year Award in 1988. He was inducted into the Naismith Memorial Basketball Hall of Fame twice – in 2009 for his career achievements and in 2010, for being a member of the 1992 United States Men’s Olympic Basketball Team.
Jordan’s product endorsements, Nike’s Air Jordan sneakers, have been popular since the company first introduced them in 1985. He also has starred in movies such as “Space Jam” and was featured in the documentary “The Last Dance.”
Highland Park Estate Exterior Is Built for a Billionaire
Jordan’s Highland Park property is 56,000 square feet and seven acres. Visitors to the compound know immediately that this is Jordan’s home. After all, who else would have the number 23 carved on the estate’s gates? Once inside, there’s a long drive from the gate to the home’s front entrance. Full-grown trees anchor the road to add to the home’s privacy.
The home includes a large patio with an infinity pool in its center. There’s also a tennis court and a putting green featuring Jordan Brand flag sticks on the lawn.
A pond complete with fish is also present on the estate.
A Look Inside Highland Park
Jordan’s Highland Park estate features nine bedrooms, 19 bathrooms and a 15-car heated garage.
When visitors enter the property, they are standing in a grand foyer that includes a piano as a focal point. The piano room is one of many sitting rooms on the estate; at least three others can accommodate visitors who want to relax and read or watch a movie.
A full-court basketball court is the focal point of the home. Jordan’s Jumpman logo is center court and includes the names of his first three children. And for guests who are waiting to use the court, there is an adjacent sitting area. In addition to the basketball court, there is a full gym, where members of the Bulls team used to work out.
The estate also features themed eating areas. The main dining room, for example, includes a long table with streets of Baghdad on the tabletop. While the kitchen’s dining area is positioned under a skylight, a large, eye-catching aquarium built into the wall is present in the dining room directly next to the kitchen.
Other great features in the home include a wine cellar and cigar room. Since Jordan is a fan of high-stakes poker, it’s no surprise that the cigar room would include several card tables. The library is considered Jordan’s favorite room and includes a dropdown movie screen.
There is another sitting room with a 110-inch screen television between the house and patio. Sliding walls allow guests to be present in either the indoor or outdoor spaces.
Finally, the estate also includes a three-bedroom guest house complete with a family room and kitchen.
Real Estate Agents Weigh In on Delayed Sale
Jordan’s estate is customized greatly to his needs, and rightfully so; he lived here for 19 years before using the space as a place where trusted employees could live.
The home’s doorways are an example of Jordan’s need for customization. One set of doors, for example, is from the original Playboy Mansion in Chicago. While this might be an attraction for Jordan, buyers might not find his taste inviting, according to Adam Rosenfeld of real estate startup Mercer Vine.
Realtors also believe the location of the estate may also be the reason it has not sold. Gail Lissner of Integra Realty Resources said Highland Park is “much more modest” than Jordan’s property. Properties with Jordan’s proposed selling price are found closer to Lake Michigan.
“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.
And while Jordan may feel that his celebrity status adds value to the estate, buyers do not pay more because the seller is a celebrity, Stephen Shapiro of Westside Estate Agency told Insider.
Other Jordan Properties
Jordan currently owns a lakefront property in a golf course community in North Carolina. Located in Cornelius, it is a 30-minute drive to the Charlotte Hornets’ arena. He purchased the home for $2.8 million – $1.2 million less than the original asking price. Jordan also has a condominium in downtown Charlotte, reportedly valued at $1.5 and $3.5 million.
He also owns a home in Jupiter, Florida. Located on a golf course, the property, with $7.6 million in renovations, sold for $4.8 million.
Also on the market is Jordan’s 10,000-square-foot home in Park City, Utah. The property is listed at $7.5 million and is expected to sell much faster than his Highland Park estate.