Michael Jordan's Estate Fails to Meet $13 Million Reserve Bid at Auction

Alex KayCorrespondent IDecember 18, 2013

CHARLOTTE, NC - NOVEMBER 22:  Michael Jordan, owner of the Charlotte Bobcats, reacts to a call as he sits on the bench during their game against the Phoenix Suns at Time Warner Cable Arena on November 22, 2013 in Charlotte, North Carolina.  NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.  (Photo by Streeter Lecka/Getty Images)
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Michael Jordan had high hopes when he put his estate in suburban Chicago on the market, but he was once again disappointed when bidders failed to meet the reserve price during an auction on Monday, Dec. 16.

According to Forbes' Erin Carlyle, the Chicago Bulls legend’s 56,000-square-foot home in Highland Park was available for a lowered price of $21 million with a reserve price of $13 million, which is "the minimum price bidders must reach in order for the house to sell." 

Jordan attempted to relinquish ownership of the nine-bedroom mansion back in February of 2012. Chris Isidore of CNN Money noted that the seven-acre estate, known as Legend Point, was originally put on the market for $29 million, but drew little interest.

Exterior
ExteriorConciergeAuctions.com

In addition to the living quarters, the estate houses 15 full bathrooms, four half bathrooms, a regulation-size basketball court, putting green and tennis court. The signature gate at the end of the driveway has Jordan’s number, 23, emblazoned into the bars.

There is also a gentleman’s retreat that features a billiard parlor, library, wet bar and original doors from Chicago’s Playboy Mansion, as per Mary Wisniewski of Reuters, via Yahoo! Sports.

Interior
InteriorConciergeAuctions.com

According to Wisniewski, Jordan released a statement on his feelings regarding the home via Concierge Auctions, the company that is handling the potential sale:

"I have so many amazing, happy memories of my life in the house over the years. It's where my kids grew up. It's where I lived during my championship years.”

Interior
InteriorConciergeAuctions.com

Concierge spokeswoman Estee Portnoy revealed to news outlets that options for the property would be further explored and re-evaluated in 2014. She blamed poor market conditions for the lack of interest in the estate.

Carlyle offered her thoughts on why the home isn't selling: "Jordan’s house isn’t selling because it’s overpriced for the neighborhood. Higher prices are generally reserved for properties close to downtown Chicago, and for properties right on Lake Michigan."

Despite the plethora of amenities and fond memories Jordan has there, Wisniewski found that Jordan no longer has a need for that large of a home now that his three children have reached adulthood.

Unfortunately for the six-time NBA champion, it seems that he will be in possession of the property for a bit longer now.