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Will Michael Jordan make a slam dunk with this $7.5M listing?

10/25/2019

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Michael Jordan has placed his 9,574-square-foot Park City, Utah, mansion on the market for $7.5 million, according to a report by The Salt Lake Tribune.

The front entrance. | Photo credit: realtor.com

The five-bedroom, eight-bathroom mansion sits on four acres of pristine land nestled between the Wasatch Mountains and the Glenwild Golf Course. Built in 2006, the estate includes floor-to-ceiling windows, Italian marble and bamboo flooring, outdoor waterfalls, an infinity pool, a golf simulator, a private gym, and a massive in-home theater.

The outdoor infinity pool. | Photo credit: realtor.com

The Agency’s Jake Doilney is selling the home alongside Park City-based agent Charlie Taylor. According to The Tribune, both Doilney and Taylor are keeping mum on specifics of the deal to protect the privacy of Jordan, who purchased the home through a limited liability company (LLC).

The in-house movie theater. | Photo credit: realtor.com

The listing has been on the market for ten days and has had more than 5,000 views on Zillow. However, this isn’t the only home Jordan has on the market.

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The basketball legend placed his 56,000-square-foot Illinois estate on the market in 2012 for $29 million. The house would be an NBA fan’s dream — the welcoming gate prominently features Jordan’s jersey number, has a regulation-sized basketball court, state-of-the gym, tennis court, and putting green.

But it seems all these features aren’t enough to attract a buyer. Jordan reduced the price to $16 million in 2013 and then to $14.85 million in 2015, where it’s stayed since.

Hopefully, Jordan will have better luck this time around, but Salt Lake Board of Realtors president Scott Robbins told The Tribune it won’t be an easy sell.

“Wealthy transplants from California and New York are fueling million-dollar home sales,” Robbins said. “Nearly three of every four homes sold above $1 million were priced from $1 million to $1.5 million.”

“However, it remains somewhat of a challenge to sell a home above $1.5 million, even in today’s strong economy,” he added.

Jordan isn’t the only celebrity to experience the real estate blues — Justin Bieber tried to sell his 6,100-square-foot villa on Instagram last week after originally listing it with Hilton and Hyland for $8.99 million.

Although being a celebrity would seem to make selling a home easier, it often doesn’t.

“Oftentimes, celebrities or athletes will customize or ‘over-improve’ their homes too much, which could be a detriment when they try to sell,” Celebrity Advisors, LLC CEO Darren Weiner told Inman in 2016. “People are astute; they know value. They are not going to overpay because someone famous owned the property before.”

“I don’t think most people will buy a place just because the celebrity lived there,” added luxury real estate broker-owner Yeal Dunsky in the same article.

Email Marian McPherson.

Source: click here

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