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Michael Jordan Reduces Price $8M on Chicago Home, New Price $21M

Posted: Jul. 2nd, 2013  |  By DailyLuxe News

Photo: Realtor.com

Foul or slam-dunk? So, far, it is a foul.

Even an iconic athlete like Michael Jordan cannot sell a house if it is more than the market is willing to pay for it. The asking price of the mansion that Jordan listed for sale in February 2012 was lowered to $21 million from its original asking price of $29 million, Yahoo! Sports reports. The new asking price is about a 28% reduction of the original asking price.

The scuttlebutt on why the market is saying no to this palatial abode is that the former asking price was too high and scaring off potential buyers. The residence, which is not being marketed as belonging to Michael Jordan, is available for viewing only to pre-qualified prospective buyers.

This sounds like an ideal situation for a no-reserve auction. Realtor.com’s description of the grandiose estate highlights its features.

Elegance and utmost privacy abound at this perfectly situated, privately gated estate nestled on over seven acres. With outstanding attention to detail, function, and style, this home is as comfortable as it is elegant. Luxurious entertaining areas and grounds create an absolutely stunning contemporary home with scale and finishes to perfection. Sold furnished with exclusions. All showings and access to website with additional photos must provide verified financial references in advance.

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