| Homes for Sale | 1716 | Highest Avg Price | $3,439,206 | |
| Land | 184 | Lowest Avg Price | $10,538 | |
| Foreclosures | 47 | Total Listings | 2159 | |
| Rentals | 396 | Price Reduced | 0 | |
| Hashtags | coming soon! |
Basketball superstar Michael Jordan is auctioning off his enormous Highland Park compound, potentially an indication that he is in need of cash. The 56,000 square-foot custom residence boasts 9 bedrooms, 15 bathrooms, and an NBA-regulation basketball court. The property also includes a guesthouse, an outdoor pool, an outdoor tennis court, security gates, and three climate controlled garages. Jordan purchased the 7.39-acre lot and initiated construction of the residence in 1991, moving into the home in 1994.
This isn’t Jordan’s first attempt to sell the home. It was initially put up for sale in early 2012, listed for $29 million. Jordan was unable to sell the property, however, even after knocking a staggering $8 million off of the asking price in July of last year, close to a 30% price drop.
The auction, which is currently set for December 16th, does raise some questions and could potentially be an indication of financial problems. Celebrities often rely on auctions when a home won’t sell and they are in need of fast cash. Jordan does have a variety of lucrative business interests, including his own highly profitable line of apparel through Nike. However, he recently went through a very lengthy and very expensive $168 million dollar divorce, which could very well have left him strapped for cash.
Jordan has remained mum regarding the rumors of financial woe. The former NBA player does own two additional residences, a $12.4 million home in Jupiter, FL and $3.12 million condominium in Charlotte, NC. He recently told the Wall Street Journal that a desire to downsize was his primary motivation for selling the home. “My kids are grown now and I don't need a large house in Chicago,” he explained. Of course, Jordan’s explanation is plausible and many expensive, custom homes are sold via auction as they can be tough to sell on the regular market with a limited number of potential buyers.
Whatever Jordan’s specific reasons behind the auction, the home is poised to sell come December. All bidders must make a $250,000 deposit before bidding on the home, which will be auctioned by Concierge Auctions.
| City name | Distance | Avg Listing Price |
|---|---|---|
| Outside California | 111 mi | $685,000 |
| Rosamond | 121 mi | $145,283 |
| San Jacinto | 193 mi | $287,776 |
| Atchison | 267 mi | $0 |
| Longview | 326 mi | $0 |
| Nageezi | 446 mi | $0 |
| Summerfiled | 533 mi | $144,900 |
| Daniel Island | 598 mi | $615,754 |