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Elite Street: Michael Jordan relists mansion

Highland Park residence, property offered for $16 million after it fails to sell at auction

By Bob Goldsborough, Special to the Tribune

December 19, 2013

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Despite a recent failed auction of his 56,000-square-foot Highland Park mansion at a minimum reserve price of $13 million, basketball legend Michael Jordan is undeterred. On Wednesday, he relisted the mansion and 7-acre property for $16 million.

The former Chicago Bulls player first listed the house in February 2012 for $29 million, then reduced it to $21 million before pursuing his auction strategy. The auction concluded Monday without a sale.

Katherine Malkin of Baird & Warner remains Jordan's listing agent.

Lincoln Park sale tops $9 million

On Monday, an 18-room, contemporary French moderne-style mansion sold for $9.04 million, representing the highest sale price of a mansion in the Lincoln Park neighborhood since the housing crisis.

Joseph Nicholas, founder of Hedge Fund Research, assembled the property in two parts, buying the 11,000-square-foot mansion in 2010 for $8.5 million, then purchasing an adjoining vacant lot in 2011 for $1.3 million.

Nicholas sold the six-bedroom mansion and lot together. Nicholas had asked $10 million; $8.9 million for the mansion and $1.1 million for the lot.

Features in the mansion include a movie theater, a billiards room, a gym room, and a 50-foot sport court above a four-car, attached garage.

"We got a really good price for it," said listing agent Janet Owen of Prudential Rubloff.

"I had a very educated seller who knew every sale right up to the minute. He priced it correctly. There's not a lot of (buyers) at the high end, as evidenced by the recent (failed) Michael Jordan (mansion) auction. But (Nicholas) priced it right, and in due time, our buyer came along and was delighted with it, so it was a win-win situation."

Public records do not show the identity of the buyer, who was represented by Emily Sachs Wong of @properties.

It was the most expensive recorded sale in Lincoln Park since 2002, when former MarchFirst CEO Robert Bernard sold his seven-bedroom, 14,000-square-foot-plus Palladian villa-style mansion in a private transaction for $9.5 million to former First Options CEO Timothy Mullen.

Ritz penthouse condo listed for $10.85 million

This past week, the developers of the Ritz-Carlton Residences at 118 E. Erie St. listed the building's 40th-floor penthouse condo for $10.85 million.

The asking price is the highest of any condominium unit in Chicago listed this year. If it sells for near its asking price, it would mark one of the most expensive condo sales in Chicago history.

The top-floor, 6,028-square-foot penthouse is being offered as raw space, said Jane Shawkey, a sales manager with Coldwell Banker Previews International. That means that buyers can "customize the home to the finish that (they) like," she said.

The unit has two private terraces that total 660 square feet. It also has floor-to-ceiling windows with skyline and lake views, and ceilings that are 12 and 18 feet high, Shawkey said.

"The penthouse offers the private and exclusive experience of arriving to your home when the elevator doors open," she said. "And certainly, the ceiling heights are dramatic and give a real sense of space that you wouldn't have in any other building."

There are 89 units in the Ritz-Carlton Residences, Shawkey said.