SEE Why Michael Jordan's Chicago Mansion With 56,000 Square Feet Is Still On The Market After 6 Years.

Michael Jordan's Mega-Mansion in Chicago is still on the market after six years despite cutting the price nearly in half and still paying more than $100,000 each year in property taxes.

(Source: Concierge Auctions)

Grand Entrance

Listing price, $14,855,000 ~ Original Asking Price was $29 Million Dollars. 
56,000 Square Feet
9 Bedrooms, 19 Bathrooms
7.39 Acres

One issue is the location. Most of the homes in this price range in this area are closer to Lake Michigan, a few miles east of this house.

The Guest House.

Water Feature

The palatial zen-like grounds feature a circular pool with its own tiny island and a design-forward foot bridge.

Michael Jordan did try to auction the house in 2013, but the minimum bid of $13 million was never met.

Adam Rosenfeld of luxury real estate startup Mercer Vine told Marketwatch in 2016 that Jordan is likely struggling to sell the house because of all of the personalized customizations. In addition, the house is not in an area where wealthy celebs are looking for houses.

Michael Jordan and His Children.

The house is still occupied by staff who are employed by Jordan to keep the house looking it's best.

The annual bill is more than $100,000 and he has paid nearly $700,000 in property taxes since he put it on the market 6 years ago.

One problem is that Jordan may feel his celebrity status adds value to the house, but according to one expert, people do not pay more for a house just because somebody famous owned it.

MJ is estimated to be worth $1.65 Billion, so he can afford to wait for the right owner to come along.