Basketball Star Michael Jordan Has Two Houses for Sale, One's Been on the Market for Seven Years

According to TRD-Chicago, basketball great Michael Jordan now has two luxury homes for sale, one near Chicago that's been on the market for seven years and a second one in Park City, Utah that was recently listed for $7.5 million, which is $400,000 less than he paid for it. The listing price on his home in Chicago’s northern suburbs has gone from $29 million to $14.85 million. The house in Utah includes five bedrooms, eight bathrooms, and a waterfall on the property.

It’s a very different story in Highland Park. The basketball great first listed the home in 2012 at $29 million, and has since slashed the price to $14.85 million. But even after four price drops, a failed auction and unsuccessful marketing tricks over the years, the property remains unsold and faces significant selling challenges, including a sagging suburban luxury market.

One key reason the home has failed to sell is the intense level of customization, brokers said. “It’s clearly his home,” said Bruce Bowers of Bowers Realty Group. “It’s a tough sell. There’s a lot of work that would have to be done to make it your own.”

Gail Lissner, a managing director at Integra Realty Resources, said that while she couldn’t opine on the value of the property, comps are limited, especially in the home’s immediate neighborhood. “Any time you have these homes that are just kind of gross over-improvements for the area they do lead to very, very lengthy marketing times,” she said. “It’s located in an area that is much more modest.”