After a decade-long wait, Michael Jordan has finally managed to sell his home in Chicago but has wound up facing significant financial losses in the process. As all fans should be aware, Jordan is the richest athlete in the world with a net worth reported to exceed $2 billion.
The majority of his money was generated throughout his NBA career and with his Nike shoe endorsement deal. MJ also bought a majority stake in the Charlotte Hornets and only recently sold it away. It turns out that Jordan also sold his Chicago mansion in the same timeframe. Let us take a closer look at the situation.
Where does Michael Jordan live right now?
It turns out that the Chicago Bulls legend had been struggling for more than a decade to sell his old mansion. There were reports that he had to pay over $100,000 in property taxes every year despite residing elsewhere. This was clearly turning into a loss and Jordan was eagerly looking for buyers.
When he purchased the Chicago Mansion, it was estimated to cost around $29 million. MJ also customized the house to his specifics. Some of the many features included #23 being engraved on the gate and a full-size basketball court in the center of the house. Perhaps the personalization of the house has prevented its sale for the past few years.
Another interesting fact that would interest fans is that MJ purchased the house with his ex-wife. Therefore, he likely felt a need to disassociate from it and move on. Since he already has another very impressive mansion in Florida where he lives currently, it made no sense to hold onto his old home.
It turns out that Michael Jordan underwent significant financial losses in the sale. Although the house was bought for $29 million, he ended up selling it for just $6.82 million. As a result, he is reported to have lost around $22.2 million in this sale, not to mention all the money spent on property tax over the years.
We are glad to see that Jordan is making good moves and keeping track of his finances. After all, even billionaires do not need multiple mansions in order to maintain their lifestyle.