Almost one year ago Michael Jordan placed his house at 2700 Point Ln (clever street name, eh?) in Highland Park on the market for a cool $29,000,000. 324 days later he has dropped the price by $8,000,000 or almost 28%, which is huge. Well, that certainly made it a lot more affordable for me. I might stop by this weekend with my checkbook. The price cut alone is several times the value of most people’s homes. How do you even determine a number like that? I’m sure the market for a home of this caliber is incredibly thin so it’s not clear how you can market it, let alone determine the correct price. I’m sure it will sell well below the replacement cost. After all, not everyone can use a full size basketball court.
I originally posted on the sale of Michael Jordan’s house shortly after it went on the market. At that time there were only 6 photos available, shown in that original post. Since then they have added 9 more photos of the outside. You can see them by clicking on the link at the top of this post. If you want to see additional photos you have to go through a fairly rigorous screening process in order to even be granted access to a Web site that contains those photos. This screening process includes financial references and a signed non-disclosure agreement. I’m sure Michael doesn’t want just anyone perusing his bedroom and bathroom just for kicks.
Oh…and I did notice that his property taxes went up, which is a relief to me since they were obscenely low for a $29 MM or even a $21 MM place. For 2011 they were $180,927 which is still based upon an unbelievably low market value of $7.5 MM. The market value actually declined slightly from 2010. And looking at the 2012 assessment it looks like the value is going to go down again. I don’t get it.
Just for perspective I checked the MLS history going back to 1986 and in the entire Chicago metropolitan area only 8 homes have ever sold for more than $10 MM so Michael Jordan’s home is in pretty rarefied territory. The record was set in December 2006 (damn near the bubble peak) also in Highland Park at 405 Sheridan Rd. That home was listed for $19.6 MM and was sold via some kind of US Department of Justice order for $17.6 MM to James and Wendy Abrams of the Medline fortune. The house sits on 17 acres of lakefront property and has 6 bedrooms, 7 full baths, 2 half baths, and a 7 car garage. Tax records show it at 22,000 square feet.