Michael Jordan Sells Chicago Mansion After 12 Years on Market

Posted : 21 September 2024

Michael Jordan has finally sold his luxury mansion in Chicago after 12 years on the market. The mansion, located in the Highland Park neighborhood, spans 5,200 square feet and sits on 34 acres. One of its most distinctive features is the entrance gate adorned with the number 23, a nod to Jordan's iconic jersey number from his time with the Chicago Bulls. While the identity of the buyer and the final sale price remain undisclosed, Jordan initially listed the property for $29 million in 2012, eventually lowering the asking price to $14.9 million in 2017. The prolonged sale was partly attributed to many people wanting to tour the mansion without serious intent to purchase.

Real estate agent Katherine Malkin explained some of the challenges in selling the property, including its distance from Lake Michigan, which made it less desirable to high-end buyers who typically sought lakefront homes in the Chicago area. Jordan's preference for privacy influenced his choice of location away from the lake, a factor that limited the pool of potential buyers. In an effort to attract more interest, agents employed various marketing strategies, including targeting international buyers by producing promotional videos in Mandarin and offering exclusive perks like a full set of Air Jordan sneakers to the eventual buyer.

During the time the mansion was on the market, Jordan continued to maintain the property, covering significant costs like taxes, security, and staff salaries. Despite the extended time it took to find a buyer, Jordan could afford to wait due to his wealth from endorsement deals with companies like Nike and Gatorade, as well as his recent sale of a majority stake in the Charlotte Hornets, which valued his personal fortune at $3.2 billion. He also invested in the property's upkeep, even replacing the roof a few months before the sale.

Jordan originally purchased the estate in 1991 with his then-wife Juanita Vanoy, and it was completed in 1994 at a reported cost of $50 million. After their divorce in 2006, he gained full ownership of the property. However, Jordan had been spending more time in Florida, where he moved in 2013 after building a $35 million mansion. This year, he added another Florida property to his portfolio, buying a home for $16.5 million. The Chicago mansion, rich with personal touches like a basketball court featuring his children's names, a trophy room, and a poker room, has finally found a new owner.

Michael Jordan Sells Chicago Mansion After 12 Years on Market

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