Updating a story we first reported in Novemeber, Michael Jordan’s mansion is now on the market. If you recall, Jordan put the house up for private auction in November and although it was very exclusive, it failed to sell.
His Airness has to be upset and stunned this gorgeous house is unable to attract any buyers. Jordan put the home on the market nearly two years ago for about $30 million and it failed to attract any attention. He then lowered the price to $21 million in hopes it would sell. When that failed, he reluctantly held a private auction for the home. Potential buyers needed to front $250,000 just to begin the bidding process and weren’t told the location of the bidding until the funds cleared. Apparently the poshness of the private auction failed to work as well as the home is again on the market for a mere $16 million. For those of you with poor math skills, that’s nearly half of what he was trying to get for the home 2 years ago, and supposedly the housing market is improving!
Why is this 33,000 square foot home on 7 acres not selling? Maybe it’s the exorbitant price Jordan wants for the home. Maybe the fact that the home is nearly 56,000 square feet with the basement and indoor basketball court included. Maybe a potential homeowner doesn’t need all that space plus a chipping range, putting green and tennis court. Maybe, just maybe, potential buyers simply don’t have $16 million in liquidity. That’s right. Potential buyers must have enough liquidity to pay cash for the home in full prior to putting in offers!
Now, I know there are many executives in the Chicagoland area who make serious coin but to have $16 million ready to drop on a 56,000 square foot home seems excessive in all ways. It would seem that a would-be buyer would have to have a load of money as well as be a sports fan in order to purchase this home.
Katherine Malkin is the listing agent and has had the home for about a year. She seems to be promoting the home’s sporty features more than the kitchen or other rooms in the home saying the most awesome feature in the home is the regulation sized basketball court. “There’s nobody, man, woman or child, who walks on the court who is not stunned by it. The lighting, the floor, everything is so beautiful.” It seems focusing on these features would narrow your market significantly. Though, in her defense, the buyer is purchasing Jordan’s home so the home is probably geared more towards a sporty person. Malkin does add that several areas of the residence have been redone over the years and it is in perfect condition. “He was a very successful and sought after personality and he built a compound to fit his lifestyle. Nobody kept a house better than he did”.
Maybe so but how much longer will the home sit on the market and what will be its final selling price? Someone will eventually purchase a Chicago area landmark and a piece of history and will then be able to chuck some threes and practicing their 360 dunks as well.
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