Kofi Nartey, a real estate agent, recounts his experience as the listing agent for Michael Jordan's mansion in Chicago. Despite generating excitement and interest during his 11-month tenure, he was unable to secure a buyer. Initially listed at $29 million in 2012, the mansion's unique appeal and size made it difficult to assess its value. Ultimately, it sold for $14.85 million in 2024, illustrating the challenges of marketing such a distinctive property in real estate.
The buyer of this property is going to walk away from the closing table, text his buddies, and say, "Dude, I just bought MJ's house."
There was no way to capture the true value of Michael Jordan's estate based on comparable properties. The best houses in the neighborhood are maybe 10,000 square feet. This one is 56,000 square feet - there's no real comp for it.
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