Failed Auction: No One Wants To Buy Michael Jordan’s Mansion

It seems like Michael Jordan will keep his 56,000 square feet mansion for himself as it failed to sell at an auction, according to ESPN.

Estee Portnoy, Jordan's representative, said no one was willing to pay for the reserve price of the luxurious manor equivalent to $13 million.

He added Concierge Auctions did a good job in announcing the public bidding. However, the situations in the marketplace are not the best. He noted Jordan's property will be assessed in 2014.

In 2012, Jordan's mansion was formerly listed for $29 million. Then later it was reduced to $21 million. Unfortunately, it also didn't sell.

On Dec. 5, Jordan decided to reduce the price to nearly half of its original value that the mansion was primarily listed for. The former basketball superstar asked to be paid a minimum of $13 million for the house that he has lived in for 19 years.

The mansion is jam-packed with great amenities, including an indoor basketball complex, infinity pool, cigar lounge, tennis court, wine cellar and many more.

The reserve price of $13 million is a decent value. It is actually low considering the facilities and the great amenities in the mansion. Jordan already disclosed his lowest price before his house is sold but it didn't really attract much buyers. Could it be that no one is really interested to buy the property from the very beginning? At any rate, there could really be a lot of factors why the auction of Jordan's mansion didn't go too well. As his representative noted, it really is best to reassess and study the property first and reevaluate the marketplace before putting it back up for sale again.