The buyer of NBA icon Michael Jordan’s former suburban Chicago estate has announced an opportunity for co-ownership, but it's a leap for most as prices start at $1 million.
John Cooper, a partner at real estate investment firm HAN Capital, purchased the sprawling 7.39-acre property for $9.5 million on Dec. 10 after it sat for 12 years on the market, receiving media attention for price drops over the years. Cooper never planned to live in the home, according to a report in his hometown paper, the Lincoln Journal Star, and on Thursday unveiled timeshare-style plans and a new name for the acquisition in Highland Park, Illinois: Champions Point.
Wishful co-owners can bid starting at $1 million for a slot that garners them one week in the 32,583-square-foot mansion annually with up to 20 guests, plus 2% of annual operating expenses estimated at $25,000. Bidding for specific weeks is now open, and stays will begin in March, according to a Champions Point spokesperson.
Owners can sell their shares but through a “structured process,” Champions Point said in a statement, without elaborating.
The arrangement mirrors fractional homeownership, a growing trend in recent years of selling shares to co-own properties. Some companies offer these types of stakes in luxury vacation homes, such as Pacaso, or investments aimed at getting rental income, like Arrived.
Champions Point said each week the metal “23” gates resembling Jordan's famed jersey number will open to a different owner for full access to the wooded grounds and its amenities. The estate has six bedrooms, 19 bathrooms, an infinity pool, tennis court, regulation-sized basketball court, putting green, wine cellar, theater, cigar room, trophy room, locker room, and attached guest house with an additional three bedrooms.
"We envisioned Champions Point as more than just a luxury property — it's an opportunity to own a piece of history and bring sports enthusiasts together through a unique co-ownership model," Cooper said in the statement.
Optional add-on services are also available for those weekly stays: private chefs, luxury transportation, local event experiences, and entertainment. Owners can host large events at the property for an additional cost, such as weddings and charity galas.
Cooper previously told the Journal Star he wasn't planning any major remodels, though the statement noted technical upgrades to the house, which was last updated in 2005. According to the Champions Point website, an office will likely be converted into a bedroom.
The mansion was custom built and opened in 1995. In 2012, Jordan listed the estate for $29 million.
Cooper's purchase price of $9.5 million equates to $291 per square foot — that's just $1 over the West Highland Park neighborhood average of $290 per square foot, according to Homes.com data.