Michael Jordan’s $1M property tax albatross

Nearly a decade after Michael Jordan listed his Highland Park castle, it’s still on the market, and has cost the Bulls’ all-time great over $1 million in property taxes.

The lingering listing — all 32,700 square feet of it — has been well documented, but Crain’s was the first to report the seven-figure property tax bill.

In 2020 alone, the tax bill totaled just shy of $130,000, according to the report, citing the Lake County treasurer records. Property taxes are mainly used to help fund the city’s public school system.

Jordan’s Park City, Utah, home sold in December, a little over a year after it listed. (Zillow)

Jordan, a billionaire and majority owner of the Charlotte Bobcats, first listed the home in 2012 at $29 million. The 6-acre spread with No. 23 emblazoned on the entrance gate has gone through a series of price cuts. But for the past few years, the mansion has been offered at $14.85 million. The home at 2700 Point Lane has also failed to sell at auction, and a few marketing tricks have been unsuccessful. Jordan, who built the home during his first marriage, kept it after his divorce and now lives in Florida with his second wife.

Because of its price tag, size, proximity to a railroad track and many custom features, the sprawling estate has been unable to seize on the hot suburban market, both in the Chicago area and around the country.

But another Jordan-owned home did sell in recent months, this one in Park City, Utah. The 9,500-square-foot mountain retreat sold for $7.5 million in December, after Jordan listed it in October 2019, according to Redfin. He had paid $7.9 million for the five-bedroom, eight-bathroom home at 7495 Purple Sage. [Crain’s] — Alexi Friedman