Michael Jordan has had his Chicago house listed on sale for nearly 9 years now. But there have been no takers for the $14.9 million property.
This estate is located in Highland Park in suburban Illinois, around 25 miles from the city of Chicago. Jordan lived in it for 19 years, and he took all the care in the world to plan and build it to his tastes.
The property is spread over a humongous area of 56,000 square feet. There is practically nothing you can’t find within the property. A pond, custom golf putt, and a wine room are just some of the luxury features of the home.
This house was listed at a selling price of $29 million in March 2012. This price tag was considered too steep, given its distance from the city and the locality around. Thus, the market has contributed to its current listed price falling to practically half.
Why Michael Jordan has failed to sell his house
For one thing, this house is not in the most desirable of locations for its price range. Most of the homes of this size in this area are closer to Lake Michigan, a few miles east of Jordan’s former house.
“Buyers at that level in that area tend to want to be closer to the lake,” said one real estate agent.
“Any time you have these homes that are just kind of gross over-improvements for the area they do lead to very, very lengthy marketing times,” said Gail Lissner of Integra Realty Resources.
@espn I sent the agent an email asking if two of my friends can play MJ 3v1 for the house. I don’t think they’re interested.
— Steven Eszenyi (@steveneszenyi) October 28, 2015
Jordan has paid over $1 million in property taxes since listing the house in 2012. This expenditure will hardly make a dent in his yearly earnings. But even billionaires like their business wrapped up as soon as possible. There are no signs that this house sale belongs in that domain.