Anyone in the Chicagoland area sick of the recession talk, have some cash to spare and looking to upgrade their home (significantly)? Wow, that many of you, huh? Well terrific. Have we got a deal for you!
NBA icon, Michael Jordan, is putting his mansion up on the auction block. His house is up for auction, not because of bankruptcy or foreclosure, but simply because selling a home through auction seems to be a growing trend in the luxury real estate market. The Highland Park mansion is up for auction after Jordan had the listing on the market for a year and a half of and did not get it sold. He initially listed the property for $29 million in February of 2012. Jordan eventually lowered the price to $21 million until he recently took the listing off the market.
Jordan must have realized selling this sleek, elegant, museum quality home is going to take a bit more than they typical “For Sale” sign to find the right, quality buyer. To do so, Jordan tapped Concierge Auctions. The firm is holding the auction November 22 for the lavish 7.39 acre “Legend Point” estate.
There is no minimum opening bid for the home, which is being sold fully furnished, but there are some caveats if you are interested in bidding. First, you need to put down a small $250,000 deposit in order to qualify to participate in the auction. Second, the auction’s location and time are being kept confidential. Once the $250,000 wire deposit is vetted by Deutsche Bank, the potential bidder will be told where the auction is held. Lastly, the property is being sold “as is” with no financing contingency and no post-auction inspection. One surprising feature about this auction is that there is no reserve, a minimum price the seller would be willing to accept on the auction. Seems Jordan is willing to let his Chicago home go even if it auctions for less than the $21-$29 million he was initially looking to get for the property. He recently said, “I have so many amazing, happy memories of my life in the house over the years. It’s where my kids grew up. It’s where I lived during my championship years. But my kids are grown now and I don’t need a large house there anymore.” Of course! That’s because he only needs his 28,000 square foot custom built home in North Carolina!
Laura Brady, Concierge Auction President, said, “Instead of being at the mercy of the market and waiting for buyers to make offers, the sellers are able to name the date of their sale and the format and they don’t have to deal with any negotiations.” This auction is about who registers, qualifies and brings the most cash to the table. Prior list price and appraisals may set context to the value but none of that matters during the auction.
If you’re interested in bidding here are some great features of the home:
- 56,000 square feet!!!
- 7.39 acres
- 500 square foot master bedroom
- 9 bedrooms
- 19 bathrooms!!
- Two -story circular living room
- Mancave with original doors from the Playboy Mansion
- A beauty salon (for your wife and ALL of her friends)
- 15 heated garage spaces (in case you needed more than 7)
- 500 bottle wine cellar
- Custom home theater
- Infinity pool and pavilion
- Putting green (for the wannabe golfer in you)
- Full size, regulation basketball court (so you too can be like Mike)
The lucky person who purchases this home at auction wont need a storage unit with all that space in the house. Good luck to all you auction hunters. Happy bidding!
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