Anyone with $1 million burning a hole in their pocket can now buy a piece of Michael Jordan’s iconic Highland Park estate — cheaper than a game-worn pair of his Air Jordan sneakers.
Real estate investor John Cooper, who bought the estate for a discounted $9.5 million at the end of last year, is opening up the property for co-ownership with bids starting at $1 million and 2 percent of annual expenses. Each owner’s share of expenses comes out to about $25,000 annually, if Cooper is able to get 50 people to buy in, according to Cooper’s website.
Buying a share grants each owner access to the property for one designated week each year with room for 20 guests, according to a news release sent out Thursday. Shareholders willing to pay a bit more can host events such as weddings or corporate retreats and can choose from “luxury add-ons,” such as private chefs, transportation, local events or on-site services and entertainment, available at additional costs. Cooper has dubbed the property “Champions Point.”
It’s unclear if the property would be positioned to capture revenue from events hosted by non-shareholders, or whether shareholders would be entitled to any profits from such events.
With each shareholder gaining access to the estate for one week a year, Cooper could sell up to 52 shares in the property. This means a minimum of $52 million in gross revenue and a profit of nearly $43 million, based on the price Cooper paid in December, if he’s able to sell out every week. Cooper wasn’t immediately available for an interview.
The $9.5 million sale was 36 percent below the asking price of $14.86 million and just a third of the list price of $29 million when Jordan’s estate first came on the market 12 years ago.
Cooper is a general partner at HAN Capital, a self-storage and RV Park landlord based in the Northwest Chicago suburb of Lincolnwood.
“We envision Champions Point as more than just a luxury property — it’s an opportunity to own a piece of history and bring sports enthusiasts together through a unique co-ownership model,” Cooper said in the release.
Interested individuals or companies will bid on a specific week of ownership, “generally running Wednesday at 4 pm through the following Wednesday at 10 am,” which will remain the same throughout the duration of their ownership in the property, according to an FAQ page on the Champions Point website. Bidding is now open to bid on weeks in March 2025 onward, and co-ownership can be resold in the future “through a structured process,” according to the release.
As to the inevitable question of how the opportunity differs from a timeshare, the FAQ page said that co-ownership grants “deeded ownership of a property share, offering more flexibility, owner control, potential property appreciation, and better exit options.”
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Residential
Chicago
Self-storage investor John Cooper bought Michael Jordan’s mansion
Residential
Chicago
Michael Jordan’s Highland Park mansion sold for $9.5M, at 36% below ask