The new owner of the Highland Park mansion that Michael Jordan once owned has exciting plans. The Chicago Bulls legend had waited a long time to finally sell his property. He didn’t gain much profit through this house.  So, what happens to the house now? The current owner, John Cooper, has already hinted at his plans to make good use of the house and is currently executing them as well. Something that avid fans will find thrilling. He has offered shares of the property! But it will be only to a select group of people who are eligible.

How much will a new buyer need? It’s $1 million. The real estate executive is selling the shares for $1 million. The property has been given a brand-new name as well, Champions Point. It will be available for people to stay for one week. As per the latest announcements, the stay weeks for the house which can  perfectly fit in 20 people will start on Wednesdays at 4 pm and end the following Wednesday at 10 am.

The shareholders will be able to host their personal events such as weddings, sports watch parties, Bar Mitzvahs, family reunions and other events as well but that will be at an additional cost. The official site adds that a more personalized experience will offer private chefs, pre-purchased food and drinks, transportation and several more options to choose from for the investors.

The owner also shared some words on this new endeavor. “Our goal is to create a shared experience where co-owners can enjoy unparalleled amenities and also the sense of connection and community that comes with it.” Cooper further added, “By preserving the property’s original prestige while integrating modern technology, we’re ensuring that Champions Point continues to be a place where extraordinary memories are made for years to come.” 

It’s a fans’ dream for sure but there’s one issue which are the requirements which apply for the co-ownerships. 

Requirements to become the owner of the Highland Park mansion 

One investor party can hold one share at a time, and this is one of the first rules. Another rule states that the co-owner will also have to bear 2% of the annual maintenance value of the property. As per the official website, the expenses of the property will be somewhere around $25,000 per owner per year.

Are there more? Yes, the investor also has to be an accredited investor as per United States regulations. The eligibility rules for an accredited investor state that the person must have a net worth of over $1 million, excluding their primary residence. 

Or the investor must have an income of over $200,000 (individually) or $300,000 (with a spouse or partner). Investors must meet this criterion for the past two years and must anticipate earning a similar level of income in the current year. Along with these rules, investors must also provide permission for a background check on them. Make a checklist if you’re interested.

These rules are likely to be strictly followed for safety purposes. And for a Bulls and MJ fan,  this is perhaps one of the ways to be a part of Jordan’s legacy as it has several personal customizations done by the legend. “Live Like a Champion,” the official website read. And the reason why it’s good news for fans is because the property won’t undergo much renovation, which means, as Cooper hinted, it will retain its original charm.

“As a founding member of Champions Point, you’ll join a select group of sports enthusiasts as co-owners and stewards of 2700 Point Lane. This innovative ownership opportunity provides a private, turnkey way to experience and enjoy the estate with family and friends just as it was intended—but at a fraction of the cost and without the worry of coordinating the daily upkeep and management often required from a large permanent residence,” it furthermore read. 

How much loss did Michael Jordan face for this property?

Jordan had wanted to sell the house for $29 million, which was still less compared to the amount he spent on renovations. Moreover, he has also spent a lot on property taxes in all these 33 years of his ownership. Not to mention the huge 23 on the gate that fans always come to take pictures with. After sitting on the market for nearly 10 years, Cooper secured it for $9.5 million.

He is a fan of Jordan himself and, as mentioned before, doesn’t plan on making any major changes. “I do not have any major renovation plans. I will honor the property’s legacy. This place is great just the way it is,” Cooper said.

The 56,000-square-foot property, featuring a gymnasium, circular infinity pool, putting green, tennis court, cigar room, and more, will be available as soon as the investors sign up. It has 9 bedrooms and 19 bathrooms. Interested people will have the chance for bidding for the property starting from March 2025.