Michael Jordan finally sold his lavish mansion, although at a loss. The Chicago Bulls legend spent an extraordinarily insane amount while building his mansion in a northern Chicago suburb. However, after sitting on the market for over 12 years, the house has finally been sold for $9.5 million, nearly $20 million less than its original $29 million listing price. The loss may be even more when considering the property taxes Jordan has paid over the years. 

The 6x NBA player first purchased the land in 1991 and moved into the completed mansion in 1994. The home underwent several customizations and renovations during MJ’s ownership, tailored to reflect the personality of the 6x NBA champion.

As for the property tax, it alone accounts for a significant expense. As per NBC Chicago, the annual property tax is approximately $148,000. This makes property taxes for 33 years of ownership an estimated $148,000 for his Highland Park estate.

Spurging millions might not seem like a big deal for a billionaire. Yet, property tax is just one element of the several other expenses. Maintenance and other expenses likely added millions more from Jordan’s $3.5 billion net worth. And what is worse? He didn’t get the same amount in return. 

But what ultimately caused its drastic price drop?

Why were there no buyers for Michael Jordan’s Highland Park estate?

Did you know that it is even one of the favorite spots for tourists? A snap in front of the gate, which features a big number 23, is a must for visitors. As per the listing, the mansion has nine bedrooms and 19 bathrooms. His ex-wife, Juanita Vanoy, raised her and MJ’s three kids in this house.

“The 56,000 square foot property — equipped with every conceivable luxury amenity — is a physical monument to his tireless dedication and hard work. The custom-designed property includes a regulation-sized basketball gymnasium, circular infinity pool, putting green, tennis court, and cigar room, each with Jordan’s signature touch,” the listing read.

The property was first put up for sale in 2012. After three years, the price was slashed to $14.855 million. But even slashing the price to below the original listing amount didn’t help. Quite surprisingly, this house, backed by the star power of someone like the Chicago Bulls legend Michael Jordan, wasn’t wanted by potential buyers. The reason? 

As per Bob Goldsborough, a Chicago Tribune real estate columnist, the surroundings of the house pose a problem. “The land is sort of land-locked behind some other houses, railroad tracks and a nature preserve. So the land isn’t easily developable,” Goldsborough said.

It is unknown what the new owners plan to do with the house. However, it is interesting to see how much the emotional value of the mansion must have been for the Bulls icon to keep it in his assets for over three decades, despite a huge property tax payout.