Despite Being in $150,000,000 Debt, Michael Jordan Dropped $3,200,000 on an Extravagant Purchase 13 Years Ago

In 2010, Michael Jordan reached a huge career milestone. Dropping $175,000,000 on the Charlotte Bobcats, His Airness became the first Black majority owner of an NBA franchise. It was a big deal and one that opened up a world of possibilities for future NBA superstars to follow a similar path to ownership. But as the majority stakeholder of the team, MJ needed a place to stay in Charlotte, North Carolina. As this 2013 Sports Illustrated report revealed, MJ bought two places in downtown Charlotte as a result 13 years ago, coughing up $3,200,000 for the same.

$175,000,000 isn’t exactly chump change, even for a guy with Jordan’s influence. However, MJ was determined to become an NBA owner, and as a result, went into debt. He borrowed about $150,000,000 and put up the extra $25,000,000 from his own pocket. Over the years, his continued financial success, thanks to his endorsements and investments, has allowed him to pay off said debt. The Chicago Bulls superstar even got a good return on his investment after selling his majority stake in the franchise recently.

Michael Jordan dropped $3,200,000 on two penthouses in Charlotte after purchasing the Hornets in 2010

Despite putting himself in debt back in 2010, Michael Jordan made the decision to buy not one, but two cribs in Charlotte. Having just bought the Hornets, then known as the Bobcats, it seemed like a worthwhile investment for MJ. Paying a cool $3,200,000, Jordan bought two top-floor penthouses in the downtown area.

What made the purchase interesting was how close the penthouses were to the Spectrum Center, the home of the Hornets. MJ’s condo was just two blocks away from the arena, which allowed the boss to easily attend the games of his team.

One of the penthouses covered the entirety of the seventh floor at Trust Condos, almost 7,000 square feet. A refurbished modernist structure, with a hint of Japanese-style architecture, the crib had a few eye-catching features. A roof terrace with a glass canopy for private sunbathing, an outdoor kitchen, and an amazing 360-degree view of the city, presented a fancy living space. As per the previously mentioned 2013 SI report:

“He [MJ] also paid $3.2 million in 2010 for the two top-floor penthouses in a condominium in downtown Charlotte, just two blocks from the arena where the Bobcats play. (Jordan reportedly put up $25 million of his money and assumed $150 million in debt as the leader of the group that bought the team.)”

It certainly was a sizeable investment on Jordan’s part, and one that allowed him to be involved in the decision-making process of the team more efficiently. However, 13 years of ownership didn’t prove to be as fruitful as he would have hoped. The team failed to make a splash in the postseason and never really came close to sniffing an NBA Championship. MJ’s ownership of the Hornets remains to be a stint that many believe he will have to hold over his head as a failure.

Jordan sold the Charlotte Hornets for $3,000,000,000 after 13 years of ownership

Recently, it was announced that Michael Jordan had finalized a deal to sell his majority stake in the Charlotte Hornets. After 13 years of ownership, His Airness decided to take a step back and sell the team to a group led by Gabe Plotkin and Rick Schnall. It was big news, but the transaction involved in the purchase was bigger.

MJ turned the initial $275,000,000 investment into $3,000,000,000. It was a game-changing sale that is sure to make Jordan even richer than he already is.

Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE

— Adrian Wojnarowski (@wojespn) June 16, 2023

It will be interesting to see what MJ does with his newly attained fortune. However, it is unlikely that he will look to invest it in another NBA franchise.