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The future of Michael Jordan’s $14.8 million Chicago mansion remains a toss up after sitting on the market for 12 years, despite drastic price reductions, The Wall Street Journal reported on Thursday.
The NBA superstar’s Highland Park estate at 2700 Point Drive was first listed for $29 million in 2012. By 2014, the price had dropped to $16 million, and it is now on the market for $14.8 million.
Katherine Malkin of Compass is representing the listing.
According to The WSJ, the 56,000-square-foot property still reflects Jordan’s personal touch, and there are no plans of that changing, despite his desire to sell.
“We haven’t really talked about that because it’s part of the draw. We don’t look at that as being a hindrance,” Malkin told The Wall Street Journal.
In 1994, Jordan spent $50 million building the property, which includes nine bedrooms, 15 full bathrooms, a home theater, a putting green and doors from the Playboy Mansion. Custom features include a wrought iron gate adorned with Jordan’s iconic number 23, a basketball court with his and his children’s names, and a cigar room.
Compass | Regulation-sized basketball court
While the listing has attracted attention, it’s mostly from fans rather than serious buyers.
Fans lacking the necessary funds have contacted Malkin, requesting tours and special discounts on the property. Last year, a break-in attempt occurred despite the estate’s full-time security.
Jordan’s team remains patient, with no intention of lowering the price further. The property was even pulled from a 2013 auction when bids fell short of a minimum reserve price of $13 million.
Compass | Sitting area
Real estate agent Kofi Nartey previously attempted to lure buyers with creative marketing, including a promise of every Air Jordan sneaker model.
Numerous proposals to transform the property into a museum or conference center have surfaced but none have materialized, due in part to zoning issues, according to Highland Park City Manager Ghida S. Neukirch.
Malkin attributes the lack of residential interest to its location, two miles inland from Lake Michigan where high-end buyers prefer to live.
“Most people who are spending that kind of money in the Chicago area want to live on the lake,” she said. “He chose to not live on the lake because they wanted privacy.”
According to Malkin, prospective buyers who tour the house must sign a nondisclosure agreement. Dozens of qualified buyers have gone through in the past few years, she added, but no deals were made.
Jordan, who bought the house in 1991 and assumed full ownership after his 2006 divorce, is selling because his children are grown, and he splits his time between homes in North Carolina and Florida, he previously told The Wall Street Journal.
