Decades After Leaving $44.3 Billion Worth Owner Bewildered, Michael Jordan’s Chicago Mansion Turned Into $100,000 Liability

Back in 1991, Michael Jordan bought a mansion in Highland Park, Illinois for a then-steep price of $2 million. The house was built and  customized by Jordan and his ex-wife Juanita Vanoy according to their personal tastes. The utterly luxurious property once shocked Nike chairman Phil Knight. who himself is worth $44.3 billion. He wrote about it in his memoir, “Shoe Dog.” Knight was left shocked by the fact that Jordan’s mansion had around-the-clock room service, which was a small part of the luxury that MJ had invested in.

Regardless, since 2013, MJ has been living in Jupiter, Florida, and the once luxurious abode has become a bit of a liability. Jordan has had the house on the market for almost ten years and has been paying a $100,000 annual property tax as well. According to Business Insider, it is the sheer extent of customization that Jordan has done which has resulted in the lack of a sale. While the Chicago Bulls legend undoubtedly created a luxurious abode tailor-made for his needs and well, wants, the house is now an unwanted liability struggling to find a buyer.

Michael Jordan has failed to sell Chicago Mansion despite multiple price drops

MJ has tried a number of antics to get his house sold in the past decade. This includes throwing in a complete set of Air Jordans, along with steep price cuts.

The property was initially listed at $29 million back in 2013, which seems reasonable considering the kind of luxuries that are included. Currently, however, MJ has listed the house for around $14.9 million.

Jordan has been forced to pay $130k in property taxes every year. He must obviously be spending a huge amount on the basic upkeep of the sprawling 7-acre property. According to Zillow, the former Hornets owner is understood to have already paid over $2.5 million in overall taxes for the property.

The house certainly seems like an expensive liability and has struggled to attract buyers despite its high-profile ownership. Several reasons are said to be behind this lack of a sale.

Phil Knight was once stunned by Jordan’s mansion which is now struggling to attract buyers

During his visit, Phil Knight was left with his mouth open. Especially when he heard the room service voice on the phone in his room. Jordan’s house features every imaginable luxury. From sprawling grounds, a mini-golf pad, an infinity pool, a home theatre, to basically every luxury one can imagine.

Still, the house’s price is steep considering it is a few miles from Lake Michigan. Prospective owners are understood to be looking for houses closer to the lake.

Additionally, MJ’s customizations, which include a huge engraved number 23 on the gate, will also require investment to take off. That is another reason why the house has not yet found a buyer.

Finally, Michael Jordan is also understood to feel that the house should have a higher market value. Simply because of the fact that he owned it. However, that is also something that has worked against a prospective sale.