Michael Jordan’s enormous house in Chicago is still on the market after six years despite cutting the price nearly in half and still paying more than $100,000 each year in property taxes.
The house was originally listed for $29 million and has every bell and whistle you can think of. There’s a pool with a grass island in the middle of it, a door from the Playboy Mansion, a table based on the streets of Baghdad, and MJ-branded golf flags.
Below we take a closer look at the house and why it is struggling to find a buyer. Most images are from footage provided by Concierge Auctions.
Tony Manfred contributed to this post.
The 56,000 square-foot, 7-acre compound from the air.
The gate to get in, fittingly.
The price on the house has dropped several times and is now going for $14.9 million, or about $265 per square-foot. That is a far cry from the original $517-per-square-foot price. It should also be noted that the exact price is $14,855,000 and the numbers in that price add up to 23 because of course they do.
The outdoor space is spectacular. There’s a tennis court.
An infinity pool with a grass island in the middle.
A putting green.
Complete with Jordan Brand flag sticks.
In 2015, the agent working to sell the house at the time promised that the buyer would also receive every edition of Air Jordans in his or her size.
There’s a pond stocked with fish.
The patio is enormous.
He has the door from the original Playboy Mansion in Chicago. Let’s go inside…
The full-court basketball court is the centerpiece of the house.
The sitting area outside the court where you wait to play.
Adam Rosenfeld of luxury real estate startup Mercer Vine told Marketwatch in 2016 that Jordan is likely struggling to sell the house because of all of the personalized customizations. In addition, the house is not in an area where wealthy celebs are looking for houses.
But despite the appeal the home may hold for Chicago Bulls fans and other sports lovers, its sheer size and personalized features are likely what’s making it difficult to find the right buyer, some in the business say. And while it is located in one of Chicago’s higher-end suburbs, Highland Park, it’s not situated in a place where celebrities are commonly looking for homes – Beverly Hills, for example.
“Kofi is brilliant with marketing strategies,” and playing up Jordan’s celebrity is wise, said Adam Rosenfeld, founding principal of luxury real estate startup Mercer Vine, in the Los Angeles area. “But when you have such a specific property that is so customized, it’s going to be an uphill battle.”
The dining room comes with a “Baghdad table.”
That grid on the table is the based on the streets of Baghdad.
A skylight over the kitchen table.
There is no need to worry about the house rotting while remaining unsold. The house is still occupied by staff who are employed by Jordan to keep the house looking fresh.
Source: The Real Deal
Jordan is also still paying a lot in property taxes. The annual bill is more than $100,000 and he has paid nearly $700,000 in property taxes since he put it on the market 6 years ago.
The house has nine bedrooms.
And 19 bathrooms.
The cigar room.
The cigar room also has plenty of card tables where Jordan undoubtedly played some high-stakes poker games.
Even the railing in the cigar room is ornate.
There’s a full gym.
Jordan’s Bulls teammates used to work out here every morning.
One problem is that Jordan may feel his celebrity status adds value to the house, but according to one expert, people do not pay more for a house just because somebody famous owned it.
From The Real Deal:
Stephen Shapiro of the Westside Agency, a Los Angeles-based luxury brokerage, said “almost without exception” people won’t pay more for a house just because it’s owned by a celebrity.
“But you know who tends to think a property is worth more because a celebrity lived there? The celebrity trying to sell it,” Shapiro said.
The wine cellar.
The house remains unsold despite attempts to get creative, including marketing to wealthy people in basketball-crazed China.
One of the many “great rooms” around the house.
A piano room.
Even the random nooks have TVs.
Between the house and the patio there’s another TV room with a 100+ inch screen.
Just one section of the patio.
Jordan did try to auction the house in 2013, but the minimum bid of $13 million was never met.
There’s also a three-bedroom guest house.
The family room of the guest house.
The guest house kitchen.
One issue is the location. Most of the homes in this price range in this area are closer to Lake Michigan, a few miles east of this house.
“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.
Of course, MJ is estimated to be worth $1.65 billion, so he can afford to wait for the right owner to come along.
Now check out the fabulous lifestyle of MJ.