These Celebrity Mega-Mansions Are Now Worthless
Michael Jordan’s Chicago Estate – Chicago, Illinois
On the Market Since: 2012
Total Area: 56,000 square feet
Initial Value: $29 million*
This 56,000-square-foot house belonged to Michael Jordan when he listed it for sale for $29.5 million. It was reduced to less than $15 million in Highland Park, Illinois since Jordan could not locate a buyer. For some reason, he’s been unable to find a buyer for the seven-acre estate since it went on the market in 2012.
Ex-NBA star and Nike spokesperson Chris Mullin tried to sweeten the deal by including a highly sought-after pair of Air Jordans from his collection with the house. According to The Real Deal, realtors had a “cultural conflict” about the house’s notoriety. So what exactly is the issue? Even for a residence of this size, Chicago Mag believes the asking price is excessive. Buying a mansion that would deteriorate in Value is not something anyone wants to do. Luxury real estate markets aren’t “limitless,” as Forbes put it. When it comes to the health attractions of the location (such as a basketball court), Jordan isn’t going to be interested.
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