No buyer stepped forth willing to pay the $13 million minimum price today to become the new owner of Michael Jordan’s 56,000 square foot home during bidding conducted by Concierge Auctions, according to a spokesperson for the auction house.
Originally priced at $29 million in February of last year and later reduced to $21 million in January, Jordan elected to auction the property in October. Originally the sale was scheduled Nov. 22 and there was no minimum. It was later rescheduled for today because of strong buyer interest. A $13 million reserve price was established last week.
After an intensive marketing campaign including sophisticated videos and exposure on the NBC Today show, the nine bedroom, 19 bathroom estate with a full size NBA basketball court and a “man cave” befitting a NBA superstar, no one was willing to pay Jordan’s minimum price.
“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,” Jordan spokesperson Estee Portnoy said. “Concierge Auctions gave great exposure to the property and opportunity, but the market conditions were just not right to drive a fair value. We will be evaluating options for the property in the new year."