Selling Michael Jordan’s ultra-personalized compound has been anything but a slam dunk. The massive home has remained on the market for 12 years and slashed its price twice.
Jordan made his mark on the Chicago area estate: His name is painted on the basketball court, flags wave with his Air Jordan logo, and his jersey number adorns the gate, according to the Wall Street Journal. Jordan first listed the mansion at 2700 Point Lane in Highland Park, Illinois for $29 million in 2012, chopping it down to $16 million in 2014, and to $14.9 million in 2015, Compass shows.
That falls far short of what he paid to build the 7-acre estate. Listing agent Katherine Malkin of Compass told the outlet he spent about $50 million constructing the 32,700-square-foot mansion, which was completed in 1995. It spans nine bedrooms, 15 full bathrooms and four half-bathrooms, a gym, regulation basketball court, locker room, trophy room, theater, cigar room, putting green, tennis court and pool.
Malkin sees Jordan’s personal touches as the property’s selling point, rather than a hindrance. The real sticking point at this price point is that Jordan’s home is non-waterfront.
“Most people who are spending that kind of money in the Chicago area want to live on the lake,” she told the outlet. “He chose to not live on the lake because they wanted privacy.”
Despite his home languishing on the market, Jordan has no plans for more price cuts, according to Malkin. That comes with a cost: the hall of famer has paid more than $1 million in property taxes since first listing the mansion, and also pays for a housekeeper, property manager and security.
“Why? Because he can,” Malkin told the outlet. Jordan’s net worth is $3.2 billion, according to Forbes.
His primary residence is in Jupiter’s gated Bear’s Club, a Jack Nicklaus-designed luxury golf community. He and wife Yvette Prieto live in the 26,000-square-foot mansion at 172 Bears Club Drive, which has a guest house, guard tower, pool, gym and basketball court. In April, Jordan bought a second Bear’s Club mansion for $16.5 million.
Jordan isn’t the only Chicagoland seller facing a massive loss on a mansion. Last month a Lincoln Park estate that cost $65 million to build sold for $15.3 million.
– Kate Hinsche