Michael Jordan is a billionaire, his net worth is estimated to be well north of $2.5 billion but even he must feel the brunt of property taxes and for one, he actually pays tax on a piece of property that he doesn’t even reside in!
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Of course, having access to such wealth might not even deter him from paying up. But after a point, it could get a little too much. But how much does he pay and why? What mistake did Jordan make that is costing him money in unwanted taxes, let’s find out?
Michael Jordan’s 56,000-square-foot mistake
Michael’s house in Chicago is perhaps a home that many would dream about. It is certainly the dream home for a basketball fan. From a cigar room to a customized basketball court, this house has everything.
It is 56,000 square feet, which means there is more space than you could ever dream of. And it is also located in an affluent neighborhood in Chicago.
You might be wondering what the problem is. Well, it is that Jordan doesn’t live there anymore and he wants to sell the house. But the property that was once his humble abode is now a costly mistake.
MJ has listed the house for a cut price of $14.5 million, which is almost half the original asking price. And what’s worse, is that it has been on the market for quite a while. The actual problem, however, is the tax issue.
Why does Michael Jordan pay $2 million annually?
Jordan has to fork out a cool sum of $2 million annually. For his house. That is just ridiculous. The fact that he has to pay this much while the property is listed is absurd.
But why does he pay so much? Chicago State property tax. Since his mansion is quite massive, his tax bill is also of the same size.
We don’t think as though he loses sleep over it. A sum like 2 million dollars is nothing more than a drop in the ocean for him. But the absurdity of the figure goes to show that like everything else in life, MJ likes to do things differently.
