Even Michael Jordan Can't Beat the Real Estate Market

Michael Jordan may have thought that he would have no trouble selling his former home right outside of Chicago, but it's been on the market since February of 2012. Nearly two years later he's dropped the price and then finally decided to put it up for auction. The reserve price was set at $13M (while the original sales price was set at $29M), but no one at the auction met it, though there was apparently quite a bit of interest.
It is not abnormal for a celebrity property to be posted at a higher price than it might have been otherwise. Brokers hope that even if they ask above-market-prices that someone will be interested enough in the property owned by an athlete or movie star to pay the price asked.

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POSTED December 18 2013 1:26 PM

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