Monday, 1 July 2013

Michael Jordan knocks $8 million off asking price for Chicago-area mansion, now just $21 million

NBA legend Michael Jordan is most closely associated with the city of Chicago, his home during 13 seasons with the Bulls and the site of his greatest accomplishments. However, Jordan put up his Chicago-area mansion for sale in February 2012 at $29 million, apparently in recognition of his role as owner of the Charlotte Bobcats and general disassociation from the Windy City.

Shockingly, that price tag may have scared off some buyers. So, nearly 17 months after the initial listing, Jordan and his real estate representatives have knocked the price down $8 million to a totally affordable $21 million. From the description at (via SportsGrid):

Elegance and utmost privacy abound at this perfectly situated, privately gated estate nestled on over seven acres. With outstanding attention to detail, function, and style, this home is as comfortable as it is elegant. Luxurious entertaining areas and grounds create an absolutely stunning contemporary home with scale and finishes to perfection. Sold furnished with exclusions. All showings and access to website with additional photos must provide verified financial references in advance.

The listing does not reference His Airness as a prior owner, which is probably a strong choice given his celebrity and the possibility of fans arriving at the estate simply to glimpse the former environs of their hero. That's also probably why they require proof of the ability to pay before scheduling a showing.

The story here, of course, is not that the home is for sale (which we've known for more than a year), but that the price was cut by nearly 28 percent. I cannot profess to know if this is a fair rate on the Chicago mansion market — Yahoo! has not responded to my repeated requests for a raise to a seven-figure salary — but that seems like a substantial enough drop to appeal to a prospective buyer. You know, the kind of person who won't pay $29 million but thinks $21 million is a steal.

The other possibility, though, is that Jordan is simply motivated to make the sale and close the Chicago-centric portion of his life. After marrying girlfriend Ariel Prieto in April, perhaps MJ wants to focus on new beginnings. At a certain level of wealth, a man can sacrifice $8 million in income for convenience and peace of mind.

For more photos of the estate, visit Dan Devine's original post from February 2012.

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