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Buy Michael Jordan’s House for $29 Million

This article was written by in Real Estate and Home. 14 comments.

If you’ve ever browsed through the television guide, you might have seen that there are a good number of television shows dedicated to the real estate industry. House Hunters International, Million Dollar Listing, Extreme Makeover: Home Edition, and Real Estate Intervention are just a few of the cable or network television shows designed to allow the real estate industry and home improvement companies advertise and reach a wide audience of consumers.

Just looking in my own town, with recently-built single-family homes typically asking $700,000 and above, it makes me wonder how anyone can afford to live where I do. The entire town can’t consist of upper-level executives and business owners who comfortably earn $350,000 a year, can it? One town over, house prices typically range from $1 million to $2 million, but there’s no upper limit. This is clearly a location for well-off individuals. And considering I may be looking to settle down and buy real estate, I’ve been trying to get an understanding of local real estate forces.

BasketballBut celebrities — the top echelon of movie stars and athletes — are in their own class.

Michael Jordan is selling his 56,000 square-foot home, asking $29 million for the house in a suburb of Chicago. The house features an indoor basketball court with its own parking lot and access and a wine and cigar room.

Jerry Seinfeld is offering up his Colorado mansion for $18.25 million. His property is much smaller than Michael Jordan’s at only 14,200 square feet. The property sits on 26 acres, while Jordans’ only includes 7 acres of land. Compare this to my apartment, which is around 1,300 square feet. This is only one of the television star’s vacation properties, with 11 bedrooms and a spa.

Rapper 50 Cent has had his Connecticut mansion on the market since 2008, when the recession was in full swing. His original asking price of $19 million has dropped to $10 million, still higher than the amount he paid to buy the property from Mike Tyson’s ex-wife, $4.1 million.

Celebrities live in a different world, where dropping millions of dollars on a property is commonplace.

Photo: John-Morgan

Published or updated March 4, 2012.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 14 comments… read them below or add one }

avatar 1 Ceecee

It is stories like this that rile up the 99%. Athletes are so overpaid for playing games. Give me a good heart surgeon or cancer researcher anyday, now they deserve the big bucks.

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avatar 2 Anonymous

That’s opinion though. While I don’t think they are worth that much, obviously the fans who watch the game do otherwise they couldn’t make that type of money. The market will afford to pay what is the going rate.

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avatar 3 Luke Landes

I’d have to agree with Investor Junkie here. Although it would be nice if salary was somehow related to someone’s worth to society, with the big bucks going to teachers and doctors, for example, superstar athletes allow sports companies (the Yankees, the MLB, NBA, etc.) generate massive revenue through concessions, merchandising, television deals, advertising, ticket sales, etc., so having this type of cash to play with — a huge economic force — allows these salaries to exist. Salaries will become reasonable when people stop putting professional sports on a pedestal.

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avatar 4 Anonymous

Keep in mind though they indirectly also help society via the jobs they create like you said (generate massive revenue through concessions, merchandising, television deals, advertising, ticket sales) So it’s not all bad either.

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avatar 5 Anonymous

I agree with you CeeCee but the sad reality is that this is decided by supply and demand. People are willing to pay large amounts of money to go to a ball game or concert. But far less peope would be willing to spend that much money to hear a heart surgeon or cancer researcher speak.

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avatar 6 wylerassociate

but ceecee that won’t happen in america because as long as people stop buying season tickets for sporting events and taxpayers stop voting yes to have billionaires receive taxpayer funded money to build new stadiums that won’t happen. The majority of athletes who are getting paid millions of dollars when they are 24 years old will be bankrupt by the age of 44 anyways.

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avatar 7 wylerassociate

Unless americans stop watching sports during the week & weekends then this discussion is mute. ESPN, CBS, NBC, Fox are signing billion dollar tv contracts with pro & college leagues because these networks are giving americans what they want. I think cops, firefighters, doctors, nurses & teachers should be the highest paid professionals in America.

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avatar 8 Anonymous

Yes the insane prices of celebrity homes does make you stop and think when you are considering purchasing real estate that is expensive by your standards. It is debatable whether pro athletes and celebrities truly deserve how much they are paid. The individual consumer doesn’t have much power in that equation though. If you stop buying tickets to the games, someone else who can afford it will take your place. The market will just shift to different demographics.

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avatar 9 Anonymous

I think that part of the pricing is the cache of owning that celebrity home. It is meaningless to me, but it may mean something to someone. I recently went to an Orthopedist who is the doctor for the NBA summer league. Does that fact impress me? Yes, because they can afoord anyone and want the best. Is that true of their homes? I do not know!

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avatar 10 Anonymous

You are also buying history when you buy a celebrities home.

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avatar 11 lynn

I agree, but would add the question, “What type of history?” Some of the things sports celebs have been known to do are a bit frightful.

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avatar 12 shellye

Even celebrities can’t escape the downturn in the housing market.

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avatar 13 Anonymous

I prefer a humble cabin in the woods. Who cares what celebrity lived in what hose? Not me…thats just me though…

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avatar 14 qixx

The real question on any celebrity home is “Did the celeb do something noteworthy there?” Or as i see it can i turn the home into a museum that people will pay to visit? If the answer is no the the home is not really worth that much. The land on the other hand might be.

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