Former Chicago Bulls shooting guard Michael Jordan is one of the biggest names in basketball and perhaps the entire sports world. Reputed to be arguably the best outfield basketballer in his generation, money and fame has never been a problem for the Black Cat.
However, in a rather stunning course of events, Jordan listed his home in Highland Park for sale and it would go on to spend 12 years on the market without a buyer.
The Illinois mansion, known as Champions Point was initially listed for sale in 2012 for an asking price of 29 million dollars. But when real estate investor John Cooper would eventually purchase it, he paid just about 9.5 million dollars for the Highland Park mansion.
This outcome is unsurprising, though, considering that Jordan custom built the edifice to the finest detail, with even his jersey number 23 on the front gate. And with the law of diminishing returns taking its toll, the only way a sale could go through was with a huge discount.
Are you left wondering why a rather impressive mansion owned by one of the foremost stars of this generation remained on the market for over a decade? Our real estate analyst Kate Richardson explains all the details.
Details of Michael Jordan Chicago-Area Mansion in Highland Park
It was Michael Jordan himself who famously said, “Be true to the game, because the game will be true to you. If you put forth the effort, good things will be bestowed upon you. That’s truly about the game, and in some ways that’s about life too.”
There is no doubt he took these words too heart in putting together the massive Illinois home. MJ initially bought the property in 1991 and would go on to spend a whopping $50 million developing and furnishing Champions Point. The house screamed NBA royalty upon completion with several external parts making it clear for all to see that this was Michael Jordan’s mansion.
Jordan moved into the house in 1994 and lived in its main house for almost two decades before he relocated to Florida. It sits on seven-acre land and 32,000-square feet of overall area, making it a gigantic edifice on an even colossal expanse.
Why the Chicago House Took More Than Twelve Years to Get Sold
Although Jordan listed the house for $29 million in 2012, he put a new asking price of 14.855 million later in 2015. The numbers on the new asking price all add up to 23, which is MJ’s iconic number. Many would agree that the initial outrageous pricing would have scared potential buyers.
The location also made Michael Jordan’s former Chicago mansion hard sell. With the property behind other houses and railroad tracks, it was less attractive to potential buyers.
“Most people in Chicago who can financially maintain an estate this size would have built on the lake,” Katherine Malkin, a listing agent explained. “But Michael chose privacy over the lake — with location near the expressway and practice facilities. It comes furnished. Michael Jordan has extraordinary taste.”
Moreover, there was also the issue of the heavy customization and high property taxes. The annual property tax on Michael Jordan’s Highland Park mansion was about $148,000, a massive sum which would potentially scare off any prospective buyers in the long-term.
Who is the New Owner of Michael Jordan’s Mansion in Chicago?
Against all odds, Jordan officially sold the house to local real estate investor John Cooper at the asking price of $9.5 million, according to the Chicago Tribune. Although the price is about one-third the original asking price, the buyer of Michael Jordan’s Chicago-area mansion has promised to “honor the property’s legacy.”
Cooper is a partner at HAN Capital, a real estate investment firm in Lincolnwood, Illinois. A graduate of the University of Nebraska-Lincoln, Cooper is said to have moved to the Chicago area ten years before the purchase and has been a fan of the Bulls ever since. He bought the house exactly on his 42nd birthday, but it is unclear what the buyer plans.
However, it’s worth noting that Cooper has promised to keep the iconic 23 on the front gate even though he may make some renovations. In the first week after the purchase, Cooper played golf and basketball with his friends, stating that he doesn’t want to live there.
One challenge the lucky buyer may face, according to ABC7 Chicago is that the house remains a popular tourist destination for fans. Many still see the Michael Jordan house as a photo-op, with several people visiting Highland Park coming to the front gate to snap pictures with a basketball or even wedding dresses.
Features of the 10 Million USD House: Infinity Pool, Cigar Room and Full-Size Basketball Court
Here are few of the exciting parts of Champions Point:
- Nine bedrooms
- 19 bathrooms
- A tennis court
- An indoor basketball court
- A dry bar
- A wet bar
- A private in-ground pool
- Putting green
- Regulation-sized basketball gymnasium
- Cigar room
- Luxe home theater
- Leather poker tables
Other Houses Owned by NBA and Chicago Bulls Legend
In addition to the Highland Park mansion, Jordan also previously owned a luxury penthouse in Chicago with his ex-wife Juanita Vanoy, which sold for $3.2 million. There is also a sleek 9,500-square-foot vacation home in Utah, currently on the market for $7.5 million.
In North Carolina, where Jordan is a part-owner of the Charlotte Hornets, he combined two condos into a 7,000-square-foot luxury unit in Charlotte. He also owns a $2.8 million lakefront property in Cornelius overlooking Lake Norman.
Despite owning all these massive properties, Michael Jordan doesn’t joke with his vacation time. He spends time out of the country with his wife Yvette Prieto vacationing across Italy and other parts of Europe. A seasoned bettor, Michael Jordan knew how to bet on the best bookmakers in his prime. And if you want to bet like locals in Italy just the same way MJ does, you should consider visiting sportsbooks recommended by MightyTips.
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Concluding Remarks: Where Does Michael Jordan Live Now?
Today, Michael Jordan lives with his wife in Jupiter, Florida, at an ultra-private estate in The Bear’s Club, a prestigious golf community developed by Jack Nicklaus.
Their home spans approximately 28,000 square feet and sits on three acres of land, surrounded by forest for maximum privacy. Designed with 18 separate roof structures, the mansion resembles multiple homes within one, emphasizing space and comfort. The property cost $4.8 million initially and underwent renovations worth almost $8 million.
The basketball star’s investment in real estate, especially in the Highland Park area represents more than just homes where anyone lives. The customization and creativity that went into building his properties make them landmarks, reflecting a lifestyle and taste that most can only dream to attain.
And now, he has afforded the buyer an opportunity to own a piece of history and bring a unique co-ownership model to the mansion. No doubt this is what MJ would have wanted.
The article was provided by Kate Richardson