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Michael Jordan’s legendary Chicago-area mansion has been used as the real estate equivalent of a never-ending shot clock. This property, which had been unsold for over 10 years, has finally found a buyer.
Public records confirm that the home sold for $9.5 million and the deal closed. That’s a far cry from the $29 million price it was originally listed for in 2012. In the world of luxury real estate, this is what we call severe price declines.
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By 2015, the asking price had already fallen to $14,855,000, but there was a strange twist to that number. Why so specific? The number is in addition to Jordan’s iconic jersey number, 23, and is a nod to the jersey number that adorns the mansion’s front gate.
This is more than just a home. The 56,000 square foot Highland Park property known as Legend Point is a shrine to Jordan’s career and unmistakable style.
According to the listing on Zillow, the property is “equipped with every luxury amenity imaginable.” The home sits on seven acres and boasts features as unique as its owners, including a door salvaged from the former Playboy Mansion. The property has nine bedrooms, 17 bathrooms, a putting green, tennis court, cigar lounge, and, you guessed it, a regulation-sized basketball court.
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The real estate listing didn’t hold back on its superlatives, calling the property “as legendary as the Air Force itself.” This is essentially MJ’s museum, designed to showcase his greatest accomplishments. However, there are hidden challenges. Owning this home is literally like stepping into Jordan’s shoes. Perhaps that’s why it remained unsold for so long. How can a house filled with Jordan’s energy feel like home?
Whoever the mystery buyer is, they have a big project ahead of them. Turning Legend Points into something smaller… Michael Jordan won’t be an easy task. After all, Jordan spent an estimated $50 million building the estate from the ground up in 1991 during the heyday of the Chicago Bulls.
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According to Business Insider, listing agent Katherine Malkin told the Wall Street Journal that Jordan bought the property as a vacant lot in 1991, during the heyday of the Chicago Bulls, and paid approximately $50 million to make his vision a reality. He said he invested US$.
MJ, on the other hand, is not bothered by the slump in sales at all. He moved to sunny Florida a long time ago and purchased a $16.5 million mansion in a gated community in Jupiter earlier this year. It’s his second home in the neighborhood. If you’re Michael Jordan, you can afford to wait (and diversify your real estate portfolio).
So while the sale price may be a lot of money for the buyer, it’s something of a buzzer-beater for Jordan. After 12 long years on the market, Legend Point has new owners. But let’s be honest, this mansion will always be Michael Jordan’s home, including the Playboy door.
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This article Michael Jordan sells massive luxury mansion for $9.5 million – but it took 12 years to find a buyer and $50 million to build This article originally appeared on Benzinga.com I did.
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