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February 24, 2020

Michael Jordan's 56,000-Square-Foot Chicago House Might Never Be Sold — inside the Property

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Michael Jordan’s luxurious home in the north of Chicago has been on the market for the past seven years, but even after dropping the price to almost half of its initial listing, plus a failed auction to the highest bid, the house still hasn’t found a buyer.

When Michael Jordan was at the peak of his career in the NBA with the Chicago Bulls, he settled with his then-wife Juanita Vanoy and their three kids in a 7-acre and 56,00 square foot property in Highland Park, a neighborhood located 23 miles north of Chicago.

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After Juanita and Michael’s divorce in 2006, the hall of fame superstar got to keep the mansion.

That same year Jordan acquired shares of the Charlotte Hornets and joined the team’s executive board. Still, it wasn’t until 2012 that he put up the Highland Park residence for sale, before moving into a 12,000-square-foot home in Charlotte, North Carolina.

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THE HOUSE’S DETAILS

The Highland Park residence was first listed at $29 million, but in the seven years it has been in the market, the price has been reduced to its current $14.8 million.

The house, which has a distinctive gate with a number 23 on it, has nine bedrooms, 19 bathrooms, a P.G. grade putting green, a tennis court, and a basketball court where Jordan and some of his former teammates used to practice some of their winning-moves in the hardwood.

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There’s also an equipped gym, a library, a wine and cigar room, a bar, a billiard room, a fully-equipped kitchen with a sky-eye opening, an infinity pool with its own island, and a pond filled with fishes.

The house also has some unique pieces, like a table especially designed for Michael’s dining room called the “Bagdad Table,” which is a table with a map of the city, a door from the original playboy mansion, and several aquariums that line up the living room.

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On top of that, there’s a three-bedroom guest house that is connected to the main house, and the entire property is lined up with over 150 tres that Michael brought in to create a sense of privacy and ultra-seclusion.

THE FAILED AUCTION

A year into the market, Michael decided to auction the house to the highest bidder with the help of Concierge Auctions. However, the house didn’t sell.

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According to a report from CNN at the time, the auction didn’t reach the reserve price— reportedly $13 million—which is the minimum price bidders must hit for the house to be sold.

Real estate experts who have been following the Highland Park home’s journey on the market for the past years believe that the house isn’t selling for two reasons:

  • It’s clearly Michael Jordan’s home, and the Air Jordan signs all around are proof of that. So, there’s a lot of work in place for any potential buyer to make the place feel like their own.
  • The house sits in a neighborhood where the most expensive property reaches $1 million-plus. Usually, the most expensive properties in the city are located near Lake Michigan or closer to downtown Chicago.
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In 2015, The Agency, a real estate company based in L.A., tried a marketing strategy where they promised the buyer of the house would get a pair of every Air Jordan sneakers that had been released to the date.

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They also played around with the price, so when added up, the numbers would be 23, just like the main gate and Jordan’s jersey number with the Bulls.

MICHAEL REMAINS BUSY

While the house remains in the market, Michael hired staff to make sure the estate remains spotless, and he continues paying taxes for the property.

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Michael, who has been married to Yvette Prieto for six years, has another property in Florida, a 3-acre home located at The Bear’s Club, a secluded residential golf club where he gets all the privacy he craves after retirement.

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Although Michael has spent the past years away from the spotlight, he has been recognized for his philanthropism, donating over 30 million to different causes, including Make A Wish, the African American History Museum, Hurricane Relief, and more.

He also recently opened the first of two health clinics in Charlotte, which will offer care for the unprivileged members of the community.

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