Basketball superstar Michael Jordan is no longer willing to reduce the price of his luxurious mansion, even though the property has not attracted any buyer despite being on the market for more than a decade.
In 2012, Jordan put his Chicago mansion up for sale, listing it at a whopping $29 million. No serious buyer showed up, and he was forced to reduce the price to $15 million.
However, this was still not enough to attract buyers and Jordan is now unwilling to reduce the price further.
Real estate insiders believe that potential buyers are not interested in spending their fortunes on a property that is overly personalized according to the taste of the legendary basketball player.
Some people also believe that the mansion’s location is too far away from Lake Michigan, which makes it unattractive for buyers who would rather prefer a picturesque mansion on the lake in the same price range.
While the houses of celebrities usually sell like hotcakes, overly customized properties have historically struggled to attract good buyers.
For instance, baseball legend Derek Jeter had to reduce the price of his heavily customized New York home by nearly $10 million before selling it for $5.1 million.
Similarly, Slash had to wait two years to sell his skull-themed mansion, and it took Joe Pesci nearly three years to find an ideal buyer for his Jersey Shore residence.
The iconic athlete believes the property is worth more than its current price, and he will not lower the price further to sell the house.
Jordan’s team has also launched marketing campaigns to sell the house, including making captivating videos in both English and Mandarin Chinese in the hope that some wealthy Chinese business tycoon may find the property attractive. Jordan has a loyal following in China, considering that Basketball is the most famous sport in the country.
His real estate agent, Kogi Nartey, said that buying a mansion will not only give the buyer a new property but also the “bragging rights” that come along.
Listing agent Katherine Malkin disagrees that over-personalization is the reason why the property is still unsold. Malkin noted that her team has not even considered removing the personalization, as it is their unique selling point and not a drawback.
Gawkers have found it an opportunity to get a free tour of Jordan’s home, and some of them have made notoriously low offers to the property managers. A crazy Jordan fan also tried to break into the mansion last year. Malkin stated that Jordan does not want his fans to appear on the property for the autograph or a selfie.
