The Jumpman hung in the air with his real estate offering for over a decade, only to end up making a crash landing.
After nearly 13 years on the market, retired Chicago Bulls great Michael Jordan’s massive Highland Park mansion has finally sold for $9.5 million, significantly below its last asking price of $14.855 million.
The 56,000-square-foot home at 2700 Point Lane went through a series of price cuts over the years, becoming a symbol of the difficulty sellers of ultra-luxury Chicago-area real estate have had recouping their investments into properties.
Jordan’s sale echoes the trend of high-end homeowners taking significant losses this year, including the $15.25 million sale of an estate in Lincoln Park previously listed at $50 million.
The buyer of Jordan’s former home, doesn’t appear to have been represented by a real estate agent, and remains unknown. Jordan’s agent, Katherine Malkin of Compass, declined to comment to Crain’s, which reported earlier Wednesday evening the sale had been finalized.
Jordan, a retired NBA Hall of Famer and billionaire, held onto the asking price — the digits of which added up to his jersey number 23 — for over nine years, despite multiple price cuts previously.
The 8.4-acre estate, built in 1995, boasts 15 full bathrooms, four half-bathrooms, a regulation-sized basketball court and a circular infinity pool. However, the Lake County Assessor values the property at $4.94 million, which means the Jordan property’s tax bill could double.
Jordan purchased the property for his then-wife Juanita Vanoy and their first children in the early 1990s. After their divorce in 2006, he maintained ownership and put the mansion on the market six years later, at first asking $29 million. Despite its luxurious features and unique tie to the legendary hooper, the property failed to attract a buyer at its initial price.
He cut the asking price twice in 2013 first to $21 million then $16 million, and even tried to hold an auction for it with a $13 million reserve price that year without making a deal, according to the Chicago Tribune. Jordan had held the $14.855 million ask since 2015.
The sale is the fourth highest-priced home sale of the year in the Chicago area and highest-priced sale ever in Highland Park for a property not on Lake Michigan. Lakefront homes in Highland Park have sold for higher prices, but none have come with the chance to boast of owning Jordan’s former home.
It remains unclear whether the house has been vacant or unused during its lengthy time on the market. Jordan reportedly owns multiple properties across the country, including homes in Florida, North Carolina, and Utah.