A month after Michael Jordan’s Chicago mansion sold for $9.5 million, the buyer has been revealed — as has the plans for the property: co-ownership.
The buyer, identified as real-estate developer John Cooper by Mansion Global, intends to turn the mansion into a hybrid time-share, investment vehicle and tourist destination.
Rebranded to “Champions Point,” the property’s official website offers investors the opportunity to become “a founding member” of the mansion with the ability to access a “private, turnkey way to experience and enjoy the estate with family and friends just as it was intended — but at a fraction of the cost and without the worry of coordinating the daily upkeep and management often required from a large permanent residence.”
Shares start at $1 million (in addition to 2% of annual expenses).
An event calendar listed on the property’s website show weeks offered for bidders to stay in the home, with events such as the World Series and Super Bowl listed, presumably to entice bidders to host parties during the sporting events.
The home was purchased at a steep discount from Jordan’s original asking price of $29 million from its listing in 2012.
Will Stern is a reporter and editor for cllct.