Saturday
October 25, 2014

Michael Jordan’s $21M Home on Auction Block

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Michael Jordan’s $21M Home on Auction Block

Former basketball star Michael Jordan is selling his $21 million suburban Chicago home — but taking a non-traditional route to do it. He's putting it up for auction. 

A growing number of multi-million dollar homes are landing on the auction block as auctions become much more than a way to unload foreclosures. 

“Instead of being at the mercy of the market and waiting for buyers to make offers, the sellers are able to name the date of their sale and the format, and they don’t have to deal with any negotiations,” says Laura Brady, president of Concierge Auctions. 

The late designer Gianni Versace's former mansion sold at auction last month, nabbing $41.5 million. 

Jordan’s home in Highland Park, Ill., will hit the auction block on Nov. 22 with no minimum opening bid. However, potential buyers must make a deposit of at least $250,000 to qualify in the auction.  

The 56,000-square-foot home is listed on the MLS for $21 million, down from last year’s price of $29 million. It boasts nine bedrooms, 15 bathrooms, and a basketball court. It’s being sold fully furnished. 

"I have so many amazing, happy memories of my life in the house over the years," says Jordan, who won six NBA championships during his career with the Chicago Bulls. "It's where my kids grew up. It's where I lived during my championship years. But my kids are grown now, and I don't need a large house there anymore."

Source: "Concierge Auctions to Sell Michael Jordan's 56,000-Square-Foot Highland Park Estate to the Highest Bidder," Concierge Auctions (Oct. 19, 2013)  and “Michael Jordan's Home Auction: Best Shot for a High-End Property?” AOL Real Estate (Oct. 21, 2013)

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