Why Is Michael Jordan’s $14.9M Chicago-Area Estate Still Unsold 12 Years After Being Listed?

When Michael Jordan put his home up for sale in 2012, he was hoping that someone would take it off the market for a whopping $29 million. Fast-forward 12 years, and the Highland Park, Illinois, property still awaits a new owner, now being offered at an asking price nearly half of the initial ambitious valuation envisioned by the NBA legend and his real estate agents.

Michael Jordan
CHARLOTTE, NORTH CAROLINA – MARCH 03: Charlotte Hornets owner Michael Jordan looks on during their game against the Orlando Magic at Spectrum Center on March 03, 2023 in Charlotte, North Carolina. (Photo by Jacob Kupferman/Getty Images)

The actual ask in 2024 is $14,855,000. Interestingly, the sum of each digit in this price mirrors Michael Jordan’s retired playing number, 23.

Jordan’s Massive Estate

The mansion’s listing on Zillow says the property was built in 1995 and was only lived in for 17 years before it went on the market — almost just as long as the retired Chicago Bulls legend has been trying to sell it.

“[The] seven-acre estate is as legendary as His Airness himself. The 56,000-square-foot property-equipped with every conceivable luxury amenity-is a physical monument to his tireless dedication and hard work,” the listing states, before listing details about the beautiful home, “The custom designed property includes a regulation-sized basketball gymnasium, circular infinity pool, putting green, tennis court, and cigar room, each with Jordan’s signature touch.”

Photo: Zillow

As a prospective buyer approaches the gated property, he or she is greeted by the bold display of Jordan’s iconic number 23 emblazoned on the wrought-iron gate. The driveway is flanked by lush greenery, leading to the impressive nine-bedroom, 19-bathroom (15 full and 4 partial), and 14-car garage house located at 2700 Point Lane.

Photo: Zillow

A clue to the answer to the lingering question of why this mansion has yet to be sold might be in its distinctive address and all of the customization that is found in almost every nook and cranny of the mansion.

Troubles Selling The Home Built for a Champion

First, many believe the fact that the home is in Highland Park versus a location closer to Lake Michigan might be a deterrent.

“Most people in Chicago who can financially maintain an estate this size would have built on the lake,” Compass broker associate Katherine Malkin told Forbes in a 2020 interview.

Malkin continued by adding that Jordan chose the obscure area to be away from people — who in the mid-’90s were hounding him.

“Michael chose privacy over the lake — with location near the expressway and practice facilities,” she said before declaring that Jordan has “extraordinary taste” and that the “unique home” comes with his fingerprint all over it which includes all of his custom furniture and amenities.

Photo: Zillow

Which leads to another reason why people might not want to purchase the home. It would take a small fortune to get some of the Air Jordan out of Jordan’s home’s air.

“It’s clearly his home,” Bruce Bowers of Bowers Realty Group said to Business Insider recently. “There’s a lot of work that would have to be done to make it your own.”

Could The Home Become Jordanland?

Some suggest that Jordan should consider converting the Chicago mansion into a museum, particularly since he continues to incur substantial tax expenses and maintains a dedicated staff for daily upkeep.

Photo: Zillow

Transforming the Chicago-area mansion into a museum could provide a lasting legacy for the basketball legend, just as Graceland does for the “King of Rock.”

Outside of his music, Presley’s estate continues to thrive because Graceland, which is held in a trust by those invested in his legacy, makes millions of dollars annually.

At the time of his death, the singer’s net worth was about $5 million. By the time his ex-wife Priscilla Presley took over the financial planning to make sure her daughter Lisa Marie was taken care of, it had dwindled to $1 million, according to The Richest.

She flipped that million and turned the home into a museum, which now stands as the most visited private property in America. It ranks second only to the White House as the most frequented home in the country.

Now, an average of 600,000 people per year visit the property to walk in the footsteps of the singer many say stole his style from Jackie Wilson, Little Richard, and Roy Hamilton.

Making the move for Jordan would not be a far stretch. Already, people make a pilgrimage to the home.

Another Michael Jordan Property Sold

While Jordan has not been able to sell the Highland Park property, in 2023 another once associated with him sold for almost $7 million.

“A penthouse on Lake Shore Drive that Chicago Bulls great Michael Jordan bought in the 1990s and his ex-wife sold in 2014 sold quietly in May for $6.82 million,” Dennis Rodkin of Crain’s Chicago wrote.

At the time of the sale in 2023, the 8,000-square-foot condo was the third-highest home price in the Chicago area.

What people are saying

Leave a Reply

Your email address will not be published. Required fields are marked *

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

Back to top