Michael Jordan has garnered worldwide recognition due to his excellence on the basketball court. Jordan has further expanded his brand and reputation through his numerous business moves, making him arguably the most famous athlete of all-time. However, the former Chicago Bulls great still can’t unload a $14.8 million financial burden.
Michael Jordan’s business acumen accumulates massive wealth
Beyond Michael Jordan‘s excellence on the court, he has toppled that with his impressive financial gains away from his craft.
Since his retirement, Jordan worked his way into becoming the first professional athlete with a net worth above $1 billion. That number has now pushed beyond $2.1 million due to his savvy business acumen through numerous endorsement deals.
He has earned roughly $1.3 billion from his dealings with Nike since his first contract dating back in 1984. All that helped him become the majority owner of the Charlotte Hornets in 2010. Since taking control of the franchise, its value has jumped from $275 million to $1.5 billion, more than five times the worth.
Despite these impressive business ventures, Jordan still can’t unload a $14.8 million financial burden that’s stuck around for nearly a decade.
Michael Jordan can’t shake a $14.8 million liability that’s haunted him for nine years
Over the years, Michael Jordan has made numerous expensive personal purchases.
Among those was the choice to buy a 56,000-square-foot Highland Park, Ill. mansion that he lived in during his championship runs with the Bulls. However, the Hall of Famer has had tremendous trouble offloading the property over nearly the last decade.
Despite the increased popularity after ESPN’s The Last Dance documentary, Jordan hasn’t been able to sell the property currently sitting on the market for $14.85 million, just over half of the original asking price of $29 million set in March 2012. (H/T Yahoo Sports)
“I think [The Last Dance] just put everything back in the forefront of everybody’s mind, but a lot of people just wanted to tour it—it is not that they wanted to buy it,” said Compass’s Katherine Malkin, the property’s longtime listing agent.
The agents also added that the calls she receives for the property are mostly those that can’t afford it. A considerable chunk of those situations involve people wanting to see the home and meet Jordan.
According to Zillow, the property is listed as the fifth-most expensive for public sale in Chicagoland. Jordan’s difficulty selling the property located in the area is shared by a couple of his former Bulls teammates. Hall of Famer Scottie Pippen has struggled to sell his 10,00-square-foot Highland Park property.
Pippen has placed the residence on and off the market since 2016, where he initially listed at $3.1 million and currently sits at $2.1 million. Last October, former Bulls swingman Toni Kukoc sold his Highland Park residence for $920,000 after struggling to sell for years on the market. Keep in mind, Kukoc bought the 5,000-square-foot home in 1993 for $1.2 million.
Embarrassment of riches
Michael Jordan may continue to be hampered by the Highland Park property’s lack of interest on the market, but it’s just one of his several homes.
Jordan owns an estate located in Jupiter, Fla, that is next to a golf course. He also has a pair of homes situated in Charlotte, N.C., near where his Charlotte Hornets play. Jordan recently sold a 10,00-square-foot mountain retreat in Park City, Utah, which was recently listed at $7.5 million.
His many lucrative business ventures have significantly lessened the financial blow that these multi-million dollar homes carry. Nonetheless, Jordan remains sitting with a nearly $14 million residence that still can’t find a serious buyer.