Take a tour of Michael Jordan's 56,000-square-foot mansion in Chicago that's been on the market for 8 years and why he can't sell it
Cork Gaines,Rachel Askinasi
Jordan's estate has been on the market since 2012.Concierge Auctions; Stephan Savoia/AP
- Michael Jordan's enormous house in Chicago is still on the market after eight years.
- Michael Jordan has tried to sweeten the pot by cutting the price nearly in half and throwing in a complete set of Air Jordans with the purchase of the house.
- He's still paying more than $100,000 in annual property taxes.
- "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.
- The house was originally listed for $29 million and has every bell and whistle you can think of. Some of the "over-improvements" Lissner may be referring to are the pool with a grass island in the middle of it, a door from the Playboy Mansion, a table based on the streets of Baghdad, and MJ-branded golf flags.
- Below, we take a closer look at the house and why it's struggling to find a buyer. Most images are from footage provided by Concierge Auctions.
Tony Manfred contributed to this post.
Read the original article on Business InsiderHe continues to wait for a buyer for the Chicago-area home. Of course, MJ is estimated to be worth $1.9 billion, so he can afford to wait for the right owner to come along on his old Chicago digs.
Jordan Brand via Getty Images
Most recently, Jordan listed his 10,000-square-foot home in Park City, Utah, for $7.5 million. Experts think it will likely sell faster than the Chicago compound.
Isaac Brekken/Getty
Source: Forbes, Business Insider
He also owns a condo in downtown Charlotte, in the same building as Cam Newton. The condos reportedly go for between $1.5 and $3.5 million.
YouTube
Source: Charlotte Agenda
Jordan also reportedly bought a house on a golf course in Jupiter, Florida, for $4.8 million in 2013 and spent $7.6 million on renovations.
Zillow
Source: Jeff Realty
The house is in Cornelius, about a 30-minute drive from the Charlotte Hornets' arena — Jordan owns the NBA team. MJ purchased the house for $2.8 million after it was originally listed for $4 million.
Source: Fox Sports
Since Jordan put his Chicago home on the market, he has since purchased a lakefront house in North Carolina in a golf-course community.
Another issue is the location. Most of the homes in this price range 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," Missy Jerfita of Berkshire Hathaway Homes Services told The Real Deal.
Source: The Real Deal
"But you know who tends to think a property is worth more because a celebrity lived there?" Shapiro said. "The celebrity trying to sell it."
Concierge Auctions
Source: The Real Deal
One problem is that Jordan may feel his celebrity status adds value to the house, but, according to Stephen Shapiro of the Westside Agency, people do not pay more for a house just because somebody famous owned it.
Chuck Burton/AP
Source: The Real Deal
Jordan is still paying a lot in property taxes. The annual bill is more than $100,000, and he has paid nearly $700,000 in property taxes since he put it on the market in 2012.
Zillow
Source: Zillow
There is no need to worry about the house rotting while remaining unsold, though. The house is still occupied by staff who Jordan employed to keep it looking fresh.
Source: The Real Deal
Rosenfeld said the house also just isn't in an area where wealthy celebs are looking for houses. Gail Lissner of Integra Realty Resources called the area "much more modest" than what Jordan's property suggests.
Zillow
Source: Marketwatch, Business Insider
Adam Rosenfeld, of the luxury-real-estate startup Mercer Vine, told Marketwatch in 2016 that Jordan was likely struggling to sell the house because of all of the personalized customizations.
Source: Marketwatch
In 2015, the agent working to sell the house at the time promised that the buyer would also receive every edition of Air Jordans in his or her size — but that didn't work either.
Nicholas Hunt/Getty Images for Tribeca Film Festival
Source: Maxim
MJ's estate remained unsold despite attempts to get creative, including marketing to wealthy people in basketball-crazed China.
Source: Maxim
Jordan said, "Many of the world's most desirable items are sold at auction, and Concierge Auctions is the hands-down leader when it comes to auctioning one-of-a-kind real estate."
Concierge Auctions
Source: Concierge Auctions
Despite how awesome the house seems, it's been on the market since 2012. Jordan tried to auction the house in 2013, but the minimum bid of $13 million was never met.
Zillow
The house comes fully furnished, although some of the pieces may be a tad dated.
Concierge Auctions
MJ himself lived in the main house for 19 years.
Concierge Auctions
There are plenty of media rooms throughout the house. Even the seemingly random nooks like this one below have TVs.
This area used to be an indoor pool. Jordan renovated it after he moved in and added sliding walls to both sides that can make the gathering room either indoor or outdoor depending on the mood and the weather.
Concierge Auctions
The library upstairs was said to be MJ's favorite room. It features a drop-down movie screen.
Concierge Auctions
Source: Concierge Auctions
Jordan's Bulls teammates used to work out there every morning, according to an interview shared by Concierge Auctions.
Source: Concierge Auctions
The cigar room also has plenty of card tables where we're guessing Jordan played some high-stakes poker games — he is known for his love of gambling, after all.
Zillow
There is also a cigar room, which has been decorated intricately with a detailed ceiling.
In one of the dining areas just off the kitchen, there is a large aquarium built into the wall.
Concierge Auctions
Detailed eating areas are somewhat of a theme. Here we can see a beautiful skylight positioned perfectly over the kitchen table.
Moving along to the dining room, guests were able to eat at this "Baghdad table."
While guests wait for their turn on the court, they can hang out in this sitting area.
... and the Jumpman logo at center court, which includes the names of his children — his daughter's name is out of view.
Concierge Auctions
The court has the legend's name at both ends ...
Concierge Auctions
Of course, since this is the former home of Michael Jordan, there is a full-court basketball court. It's the centerpiece of the house.
They lead to a game room with a pool table.
Concierge Auctions
Jordan's luxurious taste even shows itself in details like doorways. The set of doors seen below are from the original Playboy Mansion in Chicago.
And here's a look at another sitting area dubbed the "great room" — this isn't the only great room around the house, though.
The piano room doubles as one of many sitting rooms in the house.
Concierge Auctions
... the inside is equally spectacular. When guests first walk in the front door, they are greeted by this view, which includes a piano in the background.
Concierge Auctions
Jordan had the house — and the surrounding property — built from scratch to his personal tastes.
Concierge Auctions
The long drive from the gate and the full-grown trees ensure that the house has complete privacy.
Concierge Auctions
The price on the house has dropped several times and is now going for $14.9 million, or about $265 per square foot — that's a far cry from the original price of $517 per square foot. The exact price is $14,855,000, and the numbers in that price add up to 23 — Jordan's basketball jersey number.
Anyone who approaches from the ground can tell right away that this estate belongs to the legendary No. 23, Michael Jordan — and that might be what's keeping it from selling. "It's clearly his home," said Bruce Bowers of Bowers Realty Group. "... There's a lot of work that would have to be done to make it your own."
Zillow
Source: Business Insider
Michael Jordan's 56,000-square-foot, 7-acre compound looks massive even from the air.
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