Buyer Of Michael Jordan's $9.5 Million Estate Selling Off Pieces Of Property

The new owner of Michael Jordan's iconic Chicago-area estate is exploring alternative plans, including the potential sale of co-ownership shares.

The move comes after owner John Cooper initially said he planned to use the mansion regularly while acknowledging it would not be his primary residence.

"I'll announce some exciting plans for the property in January. I don't have any major renovation plans. I will honor the property's legacy. This place is great just the way it is," he said.

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Cooper unveiled a new vision for Jordan's iconic Highland Park estate – transforming it into a luxury timeshare, according to Realtor.com. Under this plan, "Champions Point" will offer a limited number of shares with bids starting at $1 million, inviting prospective owners to "experience history and world-class living."

Cooper, a Chicago resident and NBA enthusiast with roots in Lincoln, Nebraska, got a deal on the property, which he paid $9.5 million for – $5 million below its most recent asking price of $14,855,000. The asking price adds up to 23, Jordan's jersey number with the Chicago Bulls.

Despite generating considerable interest over the years because of its connection to the basketball legend, the property remained unsold for a decade.

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Even the attention garnered by the "Last Dance" documentary, which featured glimpses of the property, failed to secure a buyer.

Initially listed in 2012 for $29 million – long after Jordan's departure from the Bulls and Chicago – the estate languished on the market. The asking price gradually decreased over the years.

Finally, in December, Cooper seized the opportunity.

The 56,000-square-foot mansion on seven acres is a testament to luxury. Inside, nine bedrooms, 19 bathrooms and a regulation-sized basketball gym await. Outdoors, an infinity pool, a putting green, a tennis court and a cigar room offer endless entertainment options.

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Soon, others may experience the grandeur of the exclusive estate, which is being transformed into a limited-edition co-ownership opportunity. Shares will be available for purchase with bids starting at a minimum of $1 million, plus 2% of annual expenses. The unique offering presents a chance for "sports enthusiasts, entertainers, businesses and luxury seekers a chance to own something truly one-of-a-kind," according to a press release.

Each share provides exclusive access to the property for a designated week annually. According to the announcement, co-owners are granted the privilege of inviting up to 24 guests during their allotted stay.

For an additional fee, co-owners can host various events on the property, including weddings, corporate retreats, holiday parties and other special occasions.

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