For a man with a 6-0 NBA finals record, Michael Jordan’s luck in real estate is not that great. Especially if we consider his legendary Highland Park mansion, which had an initial price of a whopping $29 million. Not bad for a 56,000-square-foot estate, attached to the Bulls legend legacy, right? Well, no. For years, this mansion had no buyers, and by 2015, the price dropped to $14.855. If we add the digits, it is homage to MJ’s No. 23. The new buyer bought the house last year for $9.5 million and now has new plans to recover the money.
Nebraska native John Cooper purchased the nine-bedroom, 19-bathroom mansion in December, paying just $9.5 million for the dwelling. A staggering $19.5 million drop from its original listing. Let’s not forget, even a glimpse of the property during Jordan’s Bulls era in the popular documentary “Last Dance” didn’t lead to a sale. That’s why the new owner has found a third business opportunity in order to make the most of the belongings related to His Airness.
The previous plans included a timeshare opportunity, and the second was renting the place. However, those two methods. So, Cooper is back with another strategy, this time partnering up with Airbnb. “Champions Point has always been a legendary estate. Now, we’re making it possible for more people to experience that magic firsthand through our partnership with Airbnb Luxe,” Cooper said in a statement. “Whether it’s a family retreat, milestone celebration, or unforgettable getaway with friends, this estate offers an unparalleled experience in luxury living.”
The name of Michael Jordan’s former mansion was changed to Champions Point. According to Airbnb, the home’s classification as one of its “Luxe” dwellings is a clear sign of its impressive heritage. Only 0.05% of all listings on the site are featured in that special portfolio. Apart from this, it is still available to rent, a model that failed tremendously.
Despite selling at a cheap price, the curse at Michael Jordan’s mansion continues
To make profits on this investment, Cooper previously tried renting it out for an eye-watering $230,000 a month. Initially, he expressed excitement about preserving the home’s legacy, even hinting at “exciting plans” for its future. In January, he introduced a timeshare opportunity, allowing investors to enjoy Jordan’s personal amenities, like shooting hoops on his court, puffing cigars in his humidor, and swimming in the circular pool. But it was unsuccessful.
So, a few weeks later, he went for a more traditional approach. Cooper would rent out the property. But the former home of Michael Jordan had no pull on the real estate market. It was even explained as a “once-in-a-lifetime opportunity to rent a gated, world-class estate, meticulously designed for those who live and breathe sports.” The price was a staggering $230,000 monthly rent, which made it clear that the price was not right.
Learning from the failure and struggling to find a tenant, Cooper slashed the rent to $150,000 per month. But there was another expense he incurred. As he revealed, some modern upgrades include new furniture and a fully renovated kitchen with high-end amenities. So, since even this was not successful, Cooper decided to knock on the doors of Airbnb. Let’s see if it earns him some dollars or if another price drop awaits in his future.
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