Monday, December 16, 2013 / by Carlos J Higareda
Michael Jordan’s Chicago-area home failed to sell at auction this week after bidders on the 56,000-square-foot mansion didn't meet the reserve price of $13 million.
Bidders in the auction were required to put up a $250,000 bond in order to be able to bid on the former Chicago Bulls basketball star’s house.
“We will be evaluating options for the property in the new year,” says Estee Portnoy, a spokeswoman for Jordan.
Jordan’s home was originally listed for $29 million in February 2012 but failed to sell. The price was then cut to $21 million. The home had lingered on the market for two years before Jordan decided to try the auction route.
The home in the Chicago suburb of Highland Park features a full-sized indoor basketball court, nine bedrooms and 15 baths. It also has a golf putting green and chipping area, as well as garage space to fit 14 cars.
“Homes over $3 million are still a tough sell,” Howard Mandel, a real estate professional with Coldwell Banker told CNNMoney. “It’s an awful lot of money — Jordan or no Jordan. 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 teardown.”
Source: “Michael Jordan's home fails to sell at auction,” CNNMoney (Dec. 17, 2013)