Yahoo Finance Why Michael Jordan Hasn’t Been Able To Sell His House — And What You Can Learn From Him
Michael Jordan’s collection of homes is almost as impressive as his basketball career. To date, the NBA champion owns multimillion-dollar real estate in Utah, Florida, Illinois and North Carolina. But the custom-designed mansion in Highland Park, Illinois, is the one people can’t stop talking about.
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The 32,683-square-foot house has nine bedrooms and 19 bathrooms and sits on a sprawling 7.39 acres, but it has been on the market for over a decade without a buyer. Here’s likely why the house hasn’t sold and what valuable lessons to take away from Jordan’s real estate mishap.
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It’s Overpriced
According to the current Zillow listing, Jordan’s house first hit the market in 2012 for a staggering $29,000,000. Ten months later, the price dropped to $21,000,000; a few months later, in 2013, it decreased to $16,000,000.
Today, the cost is $14,855,000, but there still aren’t any takers. This is a stark reminder of the importance of proper pricing in the real estate market. If you’re planning to sell, make sure to price accordingly.
There Aren’t Enough Photos
Professional photos are a must to pique a buyer’s interest, but Jordan’s Zillow listing has only six. There are no photos of the kitchen, bathrooms, bedrooms or property. The house was built in 1995, and only posting a handful of images gives people the impression that the style is seriously outdated.
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It’s Too Customized
The few posted photos show the front gate with the number 23, one of the numbers Jordan wore during his 15-season basketball career. According to the listing, there’s also an indoor basketball court, an expansive gym, a tennis court, a putting green and a cigar room, “each with Jordan’s signature touch.” The former Chicago Bulls star designed the house with his style, which doesn’t appeal to many buyers.
Property Taxes Are High
According to the listing, the property taxes on Jordan’s house are $135,969 as of 2021. Per Data USA, the median household income in Highland Park is $159,567. It’s unlikely someone will buy an overpriced home with outrageous property taxes — especially if it needs a total remodel.
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This article originally appeared on GOBankingRates.com: Why Michael Jordan Hasn’t Been Able To Sell His House — And What You Can Learn From Him
