Michael Jordan is Determined to Sell 7-Acre Mansion After Failed Auction, Relists the House at a Higher Reserve Price for $16 Million

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By Rachelle Corpuz | December 20, 2013 9:31 AM EST

It doesn't matter if Michael Jordan's 56,000 square foot 7-acre mansion didn't sell at the auction that took place on Dec. 16, he is really determined to get rid of it.

According to Chicago Tribune, Jordan has relisted his mansion on Wednesday for a much-higher reserve price at $16 million. The basketball legend has listed the house for sale many times before. The very first time that Jordan listed the house was back in February 2012 for $29 million. In January 2013, he reduced the price to $21 million before putting it for auction.

Jordan's mansion literally has everything that you can think of. It is as luxurious as you can imagine. It has amenities fit for a king like an infinity pool, tennis court, wine cellar, indoor basketball court, snooker room, home theatre room, and so much more.

Jordan decided to put the mansion on auction on Nov. 23, but it was postponed on the very same day. The former Chicago Bulls shooting guard set a reserve price of $13 million for the mansion and the auction was finally carried out on Dec. 16. However, it didn't sell.

The reserve price that Jordan set before has not been met. What are the chances of getting it sold at a much-higher reserve price this time around? Concierge Auctions even made a fancy video that showcases the mansion and its amenities, but it didn't sell.

Jordan's mansion is reportedly the highest-priced in the neighborhood, as reported by Forbes. It could be a factor why no one is interested to buy the property. He probably charges too much. The mansion is located at Highland Park, approximately 23 miles north of Chicago and the houses there are sold a $1 million and over but do not exceed $5 million or $10 million, according to chief executive officer of Jameson Sotheby's International Realty Chicago Chris Feurer.

There could really be various factors why the property wouldn't sell so it may be really wise to reassess all of them.

Meanwhile, Jordan and wife Yvette Prieto are expecting their first children together. The couple are expecting twin girls.

READ MORE:

Michael Jordan and Wife Yvette Prieto Expecting Twin Girls

Failed Auction: No One Wants To Buy Michael Jordan's Mansion

Michael Jordan's Shoes Auctioned for $104K

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