Shares of Michael Jordan's former Highland Park mansion being sold by new owner

HIGHLAND PARK, Ill. (WLS) -- You can now own a share of Michael Jordan's former suburban home.

The man who bought the Highland Park estate is selling shares. He's calling the estate "Champions Point."

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Bids start at $1 million dollars and investors will have to help cover annual expenses. Offers are being accepted through March.

Real estate executive John Cooper paid $9.5 million for the property.

The buyer was identified as the 42-year-old real estate executive from Lincolnshire last month, ABC7 Chicago news partner the Daily Herald reported.

Cooper, a partner at Lincolnwood-based HAN Capital, bought the 56,000-square-foot property at 2700 Point Lane for $9.5 million Dec. 10, according to his hometown newspaper in Nebraska, the Lincoln Journal Star.

That's a far cry from the $29 million MJ was asking for when it was first listed more than a decade ago.

Cooper has lived in the Chicago area for more than 10 years. He recalls seeing news of the basketball superstar listing the house in 2012 and "thinking how cool it would be for the person that buys the home," he told the newspaper.

Cooper has so far hosted his birthday party and met with several contractors to make repairs and upgrades to the home, according to the newspaper.

The mansion is a popular tourist destination for those visiting Highland Park. Everyone needs a picture of the front gate of the Michael Jordan house.

Jordan first listed the 56,000-square-foot home for sale in 2012. The home includes a full-size basketball court, putting green, cigar room, workout room, nine bedrooms and 15.5 bathrooms.

After lowering it a couple times, in 2015 Jordan settled on a new asking price of $14.855 million. The digits added together equal Jordan's jersey number 23.

"He had that asking price until ... the sale closed," Chicago Tribune real estate columnist Bob Goldsborough said. "So, nine years, he didn't budge on his asking price at all."

Goldsborough said despite Jordan's star power, the building has a 90s institutional look to it, and had some other challenges for the seller.

"The land is sort of land-locked behind some other houses, railroad tracks and a nature preserve," Goldsborough said. "So, the land isn't easily developable."

It's unclear what the buyer plans to do with the house, and whether he will keep the iconic 23 on the front gate.