Michael Jordan’s 56,000-Square-Foot Mansion has been on the Market for Six Years

Famed basketball player Michael Jordan put his 56,000 square foot mansion in Chicago up for sale 6 years ago at a price of $29 million, and even though he has slashed the price in half to less than $15 million, it remains on the market. The “G.O.A.T.” is still cashing out over $100,000 per year on the property for taxes, even though only staff members reside in it.

Experts say one reason the mansion hasn’t sold is because the home is too customized. True, the amenities are amazing – wine cellar, stocked gym, piano room, outdoor pool, putting green, 9 bedrooms, 19 bathrooms, and a 3 bedroom guest house – but the feature of the house is a full-size basketball court. There was an attempt to sell the house to basketball crazed fans from China, but the mansion remains for sale. Another potential reason there is a lack of interest is that the house is not on Lake Michigan. Most homes within its price range are closer to the lake, which is a few miles east of the home.

But it is possible that Jordan thought he could sell the home at a premium because basically, it was his. But people do not always pay more for something just because a celebrity touched it or use to own it. “But you know who tends to think a property is worth more because a celebrity lived there? The celebrity trying to sell it,” said Stephen Shapiro, of the Westside Agency, a Los Angeles-based luxury brokerage.

See Cork Gaines, Take a Tour of Michael Jordan’s 56,000-Square-Foot House in Chicago, and Why it’s Still on the Market After 6 Years, Business Insider, August 13, 2018.