- Michael Jordan’s Chicago mansion, initially listed in 2012 for $29 million USD, finally found a buyer for $14.8 million USD (c. $22 million AUD).
- The NBA star’s estate features luxury amenities, including a regulation basketball court with the Air Jordan logo.
- Data suggests that luxury real estate market trends, such as shifting buyer preferences, often contribute to a property’s extended time on the market.
In the glitzy world of high-end property, where palatial estates often fetch jaw-dropping prices and historic homes that can unleash a bidding frenzy, one would expect the home of basketball’s greatest icon to be snapped up in an instant.
However, in a story with more twists than his signature fadeaway jump shot, six-time NBA champion and international sports icon Michael Jordan has seen an unprecedented decade-long battle to sell his infamous Chicago mansion—a property that sat vacant, much like an all-star relegated to the bench, begat its moment to shine once again.
From Court Dominance to Real Estate Patience
Michael Jordan, whose merchandise—from jerseys to Air Jordan sneakers—flew off the shelves, couldn’t find a buyer for his beautiful Chicago mansion since 2012. But the wait is finally over. The basketball legend’s house has finally found a buyer, with the deal in place for the nine-bedroom estate at $14.8 million USD ($22 million AUD)
According to Realtor, the Jordan megamansion is under a contingent offer that may mean the end of an extremely long waiting game for the former Chicago Bulls superstar.
A Palatial Playground
Nestled into 7 acres of the finest Highland Park Illinois real estate, the mansion is a veritable sportsman’s paradise. Boasting nine bedrooms, 15 bathrooms, and five fireplaces, this is truly a private resort that befits basketball royalty. The most recognisable feature has to be the regulation basketball court emblazoned with Jordan’s iconic Air Jordan logo at its centre.
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Amenities don’t stop there: an infinity pool, putting green, tennis court, and cigar room round out the offerings. The property also features three separate multi-garages fully equipped to house a collection of luxury cars—best befitting the life of a sports icon. The property’s pedigree is unmistakable, with the front gates proudly displaying Jordan’s number 23 jersey.
The Price of Legacy
However, Jordan’s star power wasn’t enough to speed up the sale. Built in 1995, the 5,200-square-meter mansion originally hit the market back in 2012 for $29 million USD. As time ticked by without a buyer, that price received a number of cuts, down to the point where it was listed for $16 million USD in 2013, then lowered even more in an attempt to attract buyers.
The mansion hit headlines earlier this year after video of the once grand property went viral, showing it in a state of disrepair. The footage showed a flooded basketball court and a kitchen mid-renovation with cupboard doors lying across the floor. Still, even in the middle of the squalor, there were hints at the former glory of the mansion: a gorgeous sauna, crystal chandeliers, and a luxe home theatre.
When Luxury Properties Don’t Sell
Jordan’s prolonged real estate journey isn’t an isolated incident. It points to some common woes in the world of ultra-luxury property sales:
Longer Days on Market: Data from Redfin shows that luxury home sales typically remain on the market nearly twice as long as those outside the luxury category. The longer ‘Days on Market’ (DOM) can make the property less desirable, as buyers may suspect that something is not quite right with the home.
Significant price cuts: The average luxury home sells for only 78% of its original asking price if it remains unsold for over a year. Jordan’s mansion exemplifies that trend—the price dropped nearly half over the years.
High Maintenance Costs: Maintaining a high-value home can be expensive due to property taxes, repairs, utilities, and security. Luxury homes typically incur annual upkeep costs that can reach up to 5% of the property’s value.
Limited Buyer Pools: Ultra-luxury properties naturally have smaller buyer pools, and this leans towards a longer selling time and some adjustment of prices.
Shifting Market Preferences: A study conducted by Coldwell Banker in 2020 indicated that luxury buyers are increasingly interested in eco-friendly and technologically advanced homes. Large mansions without these modern amenities will find it difficult to sell for any buyer without major renovations.
Owners of unsold luxury properties often look for alternative methods to resolve these issues. Some list their properties for short-term rentals just to get by until a buyer can be found. Others sometimes enlist the services of auction houses, allowing properties to sell below their current market value in pursuit of quicker sales.
For Michael Jordan, whose net worth is estimated at $3.5 billion USD according to Forbes, and who owns multiple properties across the United States—including a rental home in Utah, a penthouse in Chicago, and a lakehouse in North Carolina—the long wait to sell his Illinois mansion was likely just a minor inconvenience.