When Michael Jordan lists a property, you’d expect it to dominate the market like he once dominated the NBA. Nothing could have been further from the case. Instead, his Highland Park mansion became stuck on the market and real estate agents for the billionaire spent over a decade trying to unload ostentatious mansion.
Now, on Tuesday, Dec. 10, he finally sold the home.
What Took So Long
According to the Chicago Tribune, the 8.4-acre estate was first listed in 2012 at $29 million before lingering for nearly 13 years before finally selling for $9.5 million — less than a third of Jordan’s original asking price.
Built in 1995, the estate reflects Jordan’s legacy and lifestyle. The gated entrance bears his iconic number 23, a bold declaration of its famous owner. Inside, the property boasts nine bedrooms, 19 bathrooms, a 14-car garage, and a regulation-size basketball gymnasium. Luxurious touches, like a cigar room and a circular infinity pool, mirror the Hall of Famer’s personality.
Yet, despite its grandeur, the mansion struggled to attract buyers. Jordan slashed the price multiple times, first to $21 million in early 2013 and then to $16 million later that year. An auction attempt with a $13 million minimum flopped, revealing the property’s limited appeal at that price point.
By 2015, the mansion was relisted at $14.9 million — a figure cleverly chosen to align with his jersey number — but it lingered on the market for years. Eventually, Jordan lowered the price to $14.855 million, only to discover that even this was too steep for the market.
Complicating matters, the Lake County Assessor valued the property at just $4.94 million, far below Jordan’s expectations. This undervaluation also hinted at a tax hike, potentially doubling the $137,208 annual tax bill, adding another hurdle for prospective buyers.
Interestingly, Jordan only lived in the mansion for 17 years, nearly matching the time it spent on the market and just two years longer than his remarkable basketball career.
Its eventual sale, at a steep discount, went to an anonymous buyer who bypassed using a real estate agent.
The listing agent, Katherine Malkin, remained tight-lipped, offering no comment on the sale. Still, the outcome underscores a hard truth in high-end real estate: market value is dictated by buyers, not sellers.
For Jordan, however, this sale doesn’t mark the end of his real estate ventures. He continues to expand his portfolio, including the recent acquisition of a $16.5 million five-bedroom mansion in Jupiter, Florida.
His other holdings include a 26,299-square-foot mansion and luxury penthouses in Charlotte, North Carolina, a mansion in Utah, a penthouse in Chicago, underscoring his ongoing activity in the property market.
While the Highland Park sale may appear to be a loss on paper, it represents a pivotal move. The mansion’s features and history ensure its place as a one-of-a-kind property, linked forever to one of basketball’s greatest icons.
As the keys pass to the new owner, the estate’s journey mirrors Jordan’s own —unpredictable, yet undeniably significant.
Beyond his Hall of Fame NBA player’s career, Jordan built a global empire with his Nike’s Air Jordan brand, receiving a 5 percent royalty payment of the company when the Air Jordan was officially released in 1984.
He would later, in 1997, open Brand Jordan, giving him further control over the shoe that change sneaker culture.
He also broke down barriers as a franchise owner. He was once a minority owner of the Washington Wizards and at 61, Michael Jordan made a landmark move in 2023, selling his Charlotte Hornets stake for $3 billion and securing a $2.25 billion profit.
Jordan is also co-owner the 23XI Racing NASCAR racing team.
His business acumen transformed him from basketball legend to entrepreneurial icon, with Forbes recognizing his $3.5 billion net worth by making him the first athlete on the prestigious Top 400 list.
For the buyer, it’s a piece of history. For Jordan, it was just a hiccup in a champion business career.
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