Michael Jordan's home fails to sell at auction

December 17, 2013: 7:18 AM ET
Inside Michael Jordan's Chicago compound
NEW YORK (CNNMoney)

Michael Jordan's 56,000-square-foot home failed to sell at auction Monday after lingering on the market for nearly two years.

The former Chicago Bulls basketball star initially listed the home at $29 million in February 2012. Later, the asking price was cut to $21 million. The home was built in 1994.

The auction was held by Concierge Auctions, which specializes in selling unique high-priced homes. Bidders had to put up a $250,000 bond in order to be able to even bid on the house.

"We are disappointed that the high bid in today's auction of Michael Jordan's residence in Highland Park did not meet the reserve price," said Estee Portnoy, a spokeswoman for Jordan. "We will be evaluating options for the property in the new year."

Related: Inside Jordan's mansion

Jordan can probably afford to take a less than asking price for the property. He was the most marketable athlete ever during his playing days, and still has lucrative deals with Pepsico's (PEP) Gatorade, HanesBrand (HBI), and Nike (NKE). He also owns a motor-sports team, several restaurants, and a majority share of the NBA's Charlotte Bobcats.

Related: How Michael Jordan rolls in 'retirement'

The home in Highland Park, Illinois, which is just north of Chicago, is unique. It has a full-sized NBA regulation indoor basketball court, 9 bedrooms, 15 baths and a putting green and chipping area for golf. It has garage space to house 14 cars and sits on more than 7 acres.

Related: Top million-dollar housing markets

Even with Jordan's celebrity, it's difficult to sell a home in that price range, according to realtors in the area.

"Homes over $3 million are still a tough sell. It's an awful lot of money, Jordan or no Jordan," said Howard Mandel, a realtor with Coldwell Banker. "Granted it's got a full regulation NBA court, but I don't know how many people are looking for that. It could turn into a tear down."


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