Michael Jordan house in Highland Park for sale
February 29, 2012 (HIGHLAND PARK, Ill.) (WLS) -- A new North Shore real estate listing is no fixer-upper.
Michael Jordan is selling his Highland Park mansion. For $29 million this ultimate piece of sports memorabilia can be yours.
Now that his home is listed for sale, we also get more details about Jordan's estate, and a few pictures were released to help sell the home.
But, no matter the prestige, it is still a big selling price in this market.
The listing offers everything a celebrity could want: privacy on eight acres, security in the suburb of Highland Park, a beautifully appointed 50,000 square foot home with an indoor basketball complex.
It lists for $29 million. And the seller is none other than Michael Jordan. Neighbors said they are sad to see him go, but hope his selling price helps the local market.
DePaul University professor of finance and real estate Rebel Cole says, even though the housing market is still depressed, celebrity may draw in the right buyer.
"It's worth a lot relative to any other house," Cole said. "It's worth millions of dollars, millions of dollars, just to be able to say this was Michael Jordan's house."
Real estate brokers at Prudential Rubloff Properties do not have the Jordan Highland Park listing, but they have had other multimillion dollar properties. They say there is a very small pool of clients looking for those ultra-luxury homes.
"It's going to take a lot of money to advertise this property in the best way, both the company and the agent. It's going to take a lot of money to advertise it and put it in the proper places," said Prudential Rubloff Properties' Fran Fryman.
"It's certainly a challenged market, but the market continues to improve," said Prudential Rubloff Properties' Micheal Pierson. "But it doesn't matter where the property is located. Twenty-nine million dollar buyers are certainly few and far between."
What would a $29 million home break down to? On a 30-year mortgage, expect your mortgage payments to be $125,000 a month.
And, save a little for your annual property taxes, about $165,000.
The broker on the Jordan property declined an interview, but you can be sure this will not be listed for an open house, and probably not even a brokers' open house. Showings will be critically weighed and financial qualifications are required in advance.
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