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Why can’t Michael Jordan sell his luxury villa, even though he reduced the price by half. The house has been on the market for 10 years PHOTO

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Michael Jordan’s estate is in Chicago PHOTO Profimedia, Caputuri Concierge Auction

Michael Jordan’s Chicago home, currently listed at $14.85 million, has remained unsold for more than ten years. Despite the fact that the current price is 50% lower than the original asking price, that the villa has luxury features and despite the fame of the owner, the buyers did not flock. And Jordan’s notoriety seems to be one of the reasons.

PHOTO GALLERY

In March 2012, the former basketball player decided to put the property up for sale for $29 million. A year later, without any offer, he dropped the price to 21 million dollars, then to 16 million, in the same year.

Finally, in May 2015, he reduced the price to $14.855 million, the amount for which the house can still be bought today, according to Business Insider. Jordan (59 years old) stopped at this price because, added up, the numbers add up to number 23, the famous number worn by Jordan throughout his career with the Chicago Bulls basketball team. So far, even this amount does not seem to have brought him luck, although the mansion has all the facilities and equipment to justify the price.

michael jordan photo profimedia

23: lucky number… or not?

The entire property has 6,000 square meters. Built in 1995, the contemporary-style mansion has 9 bedrooms, 19 bathrooms, multiple living and dining areas (one of which has a glass dome and another a wall-mounted aquarium), a billiards room, a wine cellar for wines, a gym and an indoor basketball court. The garage is designed for 15 cars, and outside there is a swimming pool, a fish pond, a huge lawn and a tennis court.
Taxes cost the former Chicago Bulls star more than $100,000 a year, plus maintenance costs and wages for housekeeping staff.

The property is located next to a forest, which makes it safer from prying eyes. But, according to some real estate experts, this is also a disadvantage. The house was built according to Michael Jordan’s taste. Inside there is a set of doors brought from the famous Playboy mansion, the basketball court has Jordan’s name and logo inscribed in the floor, and the number 23 is inscribed on the gate.

Notoriety, an impediment

Even the strategies tried over time did not work: the new owner was to receive as a bonus a pair of shoes from all the Nike Air Jordan collections launched over time (made to measure). The property was heavily promoted in certain millionaire circles in China, where basketball is a much-loved, but unsuccessful, sport. Naturally, after a decade, the question arose as to why the villa does not find a new owner.

“Every time such houses are put up for sale, where the owner’s imprint is visible and the custom elements predominate, the sale is very difficult,” said real estate agent Adam Rosenfeld.

He explained that, although it offers privacy, the area is not sought after by celebrities or millionaires. “The area is much more modest than Jordan’s property, which is another reason why the house hasn’t been sold yet,” he added.

Another impediment could even be the notoriety of the owner, believes real estate agent Stephen Shapiro. “People don’t pay more for a house just because the owner is famous. But you know who tends to think that a property is worth more because a celebrity lived there? Exactly what the celebrity is trying to sell,” concluded Shapiro.

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