Michael Jordan Home Fails to Draw Buyer

Chicago Bulls and NBA legend’s Highland Park home does not attract anyone willing to pay at least $13 million.

No one was willing to pay the $13 million minimum for Michael Jordan's Highland Park home.
No one was willing to pay the $13 million minimum for Michael Jordan's Highland Park home.

No buyer stepped forth willing to pay the $13 million minimum price today to become the new owner of Michael Jordan’s 56,000 square foot home during bidding conducted by Concierge Auctions, according to a spokesperson for the auction house.

Originally priced at $29 million in February of last year and later reduced to $21 million in January, Jordan elected to auction the property in October. Originally the sale was scheduled Nov. 22 and there was no minimum. It was later rescheduled for today because of strong buyer interest. A $13 million reserve price was established last week.

After an intensive marketing campaign including sophisticated videos and exposure on the NBC Today show, the nine bedroom, 19 bathroom estate with a full size NBA basketball court and a “man cave” befitting a NBA superstar, no one was willing to pay Jordan’s minimum price.

“We are disappointed that the high bid in today’s auction of Michael Jordan’s residence in Highland Park did not meet the reserve price,” Jordan spokesperson Estee Portnoy said. “Concierge Auctions gave great exposure to the property and opportunity, but the market conditions were just not right to drive a fair value. We will be evaluating options for the property in the new year."

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David December 16, 2013 at 11:41 PM
no comment!
Stu Pidasso December 17, 2013 at 12:09 AM
So much for " Intense buyer interest" :)
forest barbieri December 17, 2013 at 12:42 AM
Funny. The property could sell but it would be in the 5 - 6 Million range max. If Real Estate is "location, location, location" what the heck was he thinking? But then he can afford to eventually donate the house to city hall where the 19 bathrooms could come in handy:)
ssbenjamin December 17, 2013 at 09:38 AM
"Fair value" is clearly below $13 million. Invoking market conditions is just a lame excuse. The value is whatever a bidder is willing to pay. Remove the artificial reserve and you'll see what the house is worth.
Meshephelous December 17, 2013 at 11:34 AM
How many people have $13mm cash laying around? It's an outright auction. They should simply re-list it at $13mm and see what happens. I'm sure it's worth $13mm, but I'd need a mortgage to pay for it... and a couple mill down-payment... and a job making a few hundred thou a month... and $190k per year for property taxes.
James Kleinops December 17, 2013 at 01:41 PM
Intense interest indeed - saw this one coming a mile away - don't think he even gets 10 for it
David December 18, 2013 at 10:57 AM
After seeing that place in the video, would you really want to live there??? An opulent, excessive, over-indulgent monument to someone else's narcissism?
Highlands HP'er December 19, 2013 at 03:08 PM
Whats really silly is that he didn't just bite the bullet and take the loss. The "Michael Jordan" brand is worth far more than he will make up for in this house. This whole thing is making him look foolish and is very close to making him the butt of jokes. He's going to lose $100 million in brand value to chase $10 million in a house.
Moe @ the Buck December 19, 2013 at 03:38 PM
I'll always remember the famous words Michael Jordan said to a young Moe delivery driver from Players Grill, "Are there three orders of ribs in this bag?" Moe:"Yes MJ, in fact, I wouldn't be surprised if Jerry put four slabs cause you order so much!"......I'll never forget that wonderful day!
Stu Pidasso December 20, 2013 at 12:20 AM
Scott.. Go Figure ;)


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