Michael Jordan's $21M Home Fails to Sell During Auction

Tuesday, 17 Dec 2013 11:58 AM

By Michael Mullins

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Michael Jordan's Chicago-area estate failed to sell in an auction Monday, despite that the price was lowered by $8 million since it was first listed nearly two years ago.

The 56,000-square-foot home, which is located in the upscale Chicago suburb of Highland Park, Ill., was built for Jordon in 1994 and originally put up for sale in February 2012 with a listing price of $29 million.

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The house is situated on seven acres of land and includes nine bedrooms, 15 baths, an NBA regulation indoor basketball court, a tennis court, a 14-car garage, a putting green and chipping area for golf. Its price has since been lowered to $21 million.

"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," Estee Portnoy, a spokeswoman for Jordan, told CNN Money. "We will be evaluating options for the property in the new year."

The home is being auctioned by Concierge Auctions, which specializes in selling unique high-end homes, CNN noted.

"I have so many amazing, happy memories of my life in the house over the years," Jordan said in a statement released through Concierge Auctions. "It's where my kids grew up. It's where I lived during my championship years."

Largely considered to be the greatest basketball player of all time, Jordan led the Chicago Bulls to six championships in the 1990s. He was one of the most sought-after promoters in sports history both during his career and after he retired.

The 50-year-old Jordan earned an estimated $80 million in 2012 from lucrative promotional deals with Nike, Gatorade, Hanes, and others, Forbes reported. Jordan has an estimated net worth of $650 million due largely to such endorsement deals over the years.

Despite his celebrity status, Jordan may have difficulty selling the property considering the price tag, local Realtor Howard Mandel of Coldwell Banker told CNN.

"Homes over $3 million are still a tough sell. It's an awful lot of money, Jordan or no Jordan," Mandel said. "Granted it's got a full regulation NBA court, but I don't know how many people are looking for that. It could turn into a tear down."

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