Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: Al Doggity on May 15, 2015, 05:57:24 PM
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Notice to all Getbigger Millionaires: Michael Jordan slashed the price of his massive Chicago estate by almost half from $29 to $15 million. It's been languishing on the market for more than 3 years. On one hand, Jordan having owned it is a huge selling point, but on another it's probably a huge minus for anyone with that type of money. The house is essentially a shrine to Jordan, so there market cap for that might be lower than $15 million.
I idolize Jordan, but I would not buy this property if I had the money, just based on looks. It has a very distinct 80s look and the renovations look like they just did their best to cram modern looking things into that aesthetic.
The pool is hideous.
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as if i would ever wanna live in a house of mudshark sin ::)
MJ probably fucked thousand upon thousands of white woman at that crib
;D
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as if i would ever wanna live in a house of mudshark sin ::)
MJ probably fucked thousand upon thousands of white woman at that crib
;D
Wow, the possible race of people involved in imagined sexual activity is a real estate deal breaker for you? ::) High standards.
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Wow, the possible race of people involved in imagined sexual activity is a real estate deal breaker for you? ::) High standards.
no i just dont like the tar heels, bulls, chicago white sox ,wizards or the Hornets
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30 million is a deal!!!
I bet some hip hop artist is gonna buy it. Looks very cool to me, but the pool??? Tacky Island, lol...
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The weight room was the best part.
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Notice to all Getbigger Millionaires: Michael Jordan slashed the price of his massive Chicago estate by almost half from $29 to $15 million. It's been languishing on the market for more than 3 years. On one hand, Jordan having owned it is a huge selling point, but on another it's probably a huge minus for anyone with that type of money. The house is essentially a shrine to Jordan, so there market cap for that might be lower than $15 million.
I idolize Jordan, but I would not buy this property if I had the money, just based on looks. It has a very distinct 80s look and the renovations look like they just did their best to cram modern looking things into that aesthetic.
The pool is hideous.
80's look ~ built in the 90's. Absolutely no character whatsoever. The "house" was a "customer" of mine during construction. All my co-workers wanted to be on that PITA project in hopes of getting a glimpse of MJ ::) Never saw him, although Juanita was there a couple of times. Money doesn't buy taste. The setting is nice though.
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please is beautiful. spend a million wiping all the MJ out, and you're in great shape.
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30 million is a deal!!!
I bet some hip hop artist is gonna buy it. Looks very cool to me, but the pool??? Tacky Island, lol...
Maybe- Mike Tyson's place sat on the market for something like 10 years before 50 Cent took it off his hands. A 52 room mansion in Connecticut for $4.1 mil. I don't think there are any high roller hip hop artist in the Chicago area right now , though. Most of them split when they make it big.
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Most of these really huge homes are just ridiculous, even if money is truly no object. Lots of extra square footage that just sits there gathering dust that was added on just for show and just to jack the price up come resale time. Extra maintenance, higher utility bills, etc, etc.
I know an old guy who built a huge home that basically looked like a Sam's Warehouse on the inside. ;D
And who actually needs indoor B-ball and tennis courts and bowling alleys? Those activities are catabolic.
I can understand an indoor pool and a well-equipped gym, of course. But I'll settle for a very nice, well-built single story whose square footage of living area is no more than a quarter of an acre. Quality over quantity.
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Mostly agree with you, but in Jordan's case, he was one of the most famous men in the world when it was built, so it was sort of like his fortress of solitude. In more cases than not, what you said is absolutely true. I've been in a one of these mini-city homes with three kitchens. Absolutely no need for that many kitchens. Under any circumstances. Mike Tyson actually tried to convince fiddy not to buy his former palace because it was too large, apparently. If you watch the video I linked to, you see that Fiddy has been trying to sell it and it's pretty much empty.
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I could understand if a billionaire had a large family of multiple generations living in something that was 30, 50, or 70 sq ft or more. I guess if you've basically got a half dozen couples and a couple dozen young adults and children all living on some big estate, the square footage would add up. If you've got a half dozen families each wanting 5-10k square foot homes, separate full kitchens and multiple living areas each, etc within a home - it will be a huge dwelling.
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Do we need a house that big when hating on getbig?
All these luxury stuff dosent do anything for me anymore. I might say something else if the bank account was filled with millions...
I mean, life is life...your friend will get tire coming visit you, you will be tired having them there. And u will probably use the kitchen and livingroom thats it. Its a lonely place far from people, people are social, they need each other!
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These huge mansions are ridiculous. I never understood why anyone would need this much house. I'd rather have a house 1/10th of that size. When people buy big ticket items like this, they must be thinking their money is never going to run out. I wonder what the real estate tax is on this monstrosity. He seems desperate to sell it, he's probably having some financial trouble.
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These huge mansions are ridiculous. I never understood why anyone need this much house. I'd rather have a house 1/10th of that size. When people buy big ticket items like this, they must be thinking their money is never going to run out. I wonder what the real estate tax is on this monstrosity. He seems desperate to sell it, he's probably having some financial trouble.
That thought did cross my mind. I don't believe these self-reported Forbes net worths that so many of these athletes and entertainer types try to claim. Most of them probably can't even make such a simple calculation - they're probably just throwing out their gross revenues as how much they're worth.
I learned a long time ago not to believe something unless it can be verified. You can pretty accurately gauge just about everyone else who claims billionaire status by looking at stock prices of publicly traded companies they own a known number of shares of.
Pretty much anybody who spends $200k a night on dinner and drinks for himself and his "posse" is going to run into problems eventually. Throw in gambling and ridiculous spending all around on all sorts of things, and it snowballs.
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If the house doesn't smell like beans, rice and taco sauce I will buy it as my chill out crib ;D
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That thought did cross my mind. I don't believe these self-reported Forbes net worths that so many of these athletes and entertainer types try to claim. Most of them probably can't even make such a simple calculation - they're probably just throwing out their gross revenues as how much they're worth.
I learned a long time ago not to believe something unless it can be verified. You can pretty accurately gauge just about everyone else who claims billionaire status by looking at stock prices of publicly traded companies they own a known number of shares of.
Pretty much anybody who spends $200k a night on dinner and drinks for himself and his "posse" is going to run into problems eventually. Throw in gambling and ridiculous spending all around on all sorts of things, and it snowballs.
Like this numbskull...
(http://www.dailystormer.com/wp-content/uploads/2014/10/mchammer.jpg)
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MJ is the greatest basketball player of ALL TIME!
But fuck if I'm living in Illinois ::)
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I don't think he seems desperate to sell it. He probably thought his name would be a huge selling point and slowly accepted that that's not the case. I'd be surprised if MJ was having any financial troubles. I don't generally go for Forbes' guesstimates , either, but in his case, there's so much still coming in and his name is still worth a ton. There would be a ton of easier ways for him to make the money he's selling his house for than letting it sit on the market for 3 years. I think he just wants to get rid of it, at this point.
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the exact same thread with the exact same comment was made one year ago or so.
No taste, cold, too much unnecessary stuff. What s the point of living in an hotel, except if three generations of your own family lives in. Considering mj's feelings toward family, it's pretty ironic.
Only cool thing is the private basketball court.
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the architect and building firm were laughing all the way to the bank after building this piecec of shit. they're still laughing now ;D
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America, the land of excess
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lol.....Michael Jordan is not having any financial trouble....lol....only on Getbig
Michael has made millions upon millions, thanks to the benefits of child labor laws in Korea...What dumb ass Hebrew in America hasn't yet bought the latest Air Jordan shoes?
Cost of shoe is probably 4 dollars in Chink city and sold in the U.S. for $200.....
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IF I had 15 mill, I would NOT buy this house. It is not an attractive house at all.
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These huge mansions are ridiculous. I never understood why anyone would need this much house. I'd rather have a house 1/10th of that size. When people buy big ticket items like this, they must be thinking their money is never going to run out. I wonder what the real estate tax is on this monstrosity. He seems desperate to sell it, he's probably having some financial trouble.
Most of the athletes and entertainers who buy into this type of house don't understand what it takes to maintain it viz. plumbing, electrical, carpentry, and cleaning of various types. Even if the buyer doesn't go broke, the house eventually becomes a bigger pain in the ass than it's worth.
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lol.....Michael Jordan is not having any financial trouble....lol....only on Getbig
Michael has made millions upon millions, thanks to the benefits of child labor laws in Korea...What dumb ass Hebrew in America hasn't yet bought the latest Air Jordan shoes?
Cost of shoe is probably 4 dollars in Chink city and sold in the U.S. for $200.....
50% drop in the asking price? He's definitely a motivated seller.
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50% drop in the asking price? He's definitely a motivated seller.
He hasn't lived there for 5 years and has several other homes. He has a $15 mansion in Florida, A $4 million place in North Carolina,a $3 million condo in Charlotte, a multi-million dollar place in Tribeca and a ranch in Utah.
On top of that, aside from the never ending Nike money and endorsement deals, he's majority owner of the Charlotte Bobcats. There's no way the guy is having money problems. He just wants to get rid of that house.
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He hasn't lived there for 5 years and has several other homes. He has a $15 mansion in Florida, A $4 million place in North Carolina,a $3 million condo in Charlotte, a multi-million dollar place in Tribeca and a ranch in Utah.
On top of that, aside from the never ending Nike money and endorsement deals, he's majority owner of the Charlotte Bobcats. There's no way the guy is having money problems. He just wants to get rid of that house.
MJ is piss rich......all day and twice on sunday
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MJ is a billionaire as of 2015
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MJ is a billionaire as of 2015
MJ is now eligible to join getbig.com. A proud day for basketball players.
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if you can afford that you wouldn't choose to live in chicago
he doesn't work there any more so he has no use for the house, you guys need to pay attention to other sports aside from bodybuilding if you think he needs money, he still makes more than every athlete aside from guys like floyd mayweather
E
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I idolize Jordan,
Mudshark much?
Only area that was great in that house was the weightroom, as there probably were no mudshark sins committed there.
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Tyson was supposedly worth $400 mil or so at one point many years ago. He hasn't been doing so well in recent years.
These athlete and entertainer types have a very hard time holding on to what they make. Even if they're NOT blatantly ripped off, they don't often manage their money very well.
I hope for his sake that he has held onto most of what he's made after the tax man and his advisors, managers, lawyers, etc get their cuts, and has invested and reinvested wisely.
Earning a billion in revenues over the course of your career, then having the tax man and everybody else take a good 50-60% of that total, then of course spending at least a little on things that have no value or depreciate in value is NOT the same as having a $1 billion net worth.
If he's invested wisely and hasn't gambled and blown much away, perhaps he is worth a billion like he says. But without seeing what he actually has and what (if anything) he owes, you just have to take someone's word for it.
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I wonder what the real estate tax is on this monstrosity. He seems desperate to sell it, he's probably having some financial trouble.
$180,000 or so, depending on the year -
http://www.zillow.com/homedetails/2700-Point-Dr-Highland-Park-IL-60035/4902463_zpid/ .
I personally don't like it either, it looks like a hotel, not a home.
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Most of these really huge homes are just ridiculous, even if money is truly no object. Lots of extra square footage that just sits there gathering dust that was added on just for show and just to jack the price up come resale time. Extra maintenance, higher utility bills, etc, etc.
I know an old guy who built a huge home that basically looked like a Sam's Warehouse on the inside. ;D
And who actually needs indoor B-ball and tennis courts and bowling alleys? Those activities are catabolic.
I can understand an indoor pool and a well-equipped gym, of course. But I'll settle for a very nice, well-built single story whose square footage of living area is no more than a quarter of an acre. Quality over quantity.
Great idea, don't want to waste muscular effort going up stairs on leg day.
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These huge mansions are ridiculous. I never understood why anyone would need this much house. I'd rather have a house 1/10th of that size. When people buy big ticket items like this, they must be thinking their money is never going to run out. I wonder what the real estate tax is on this monstrosity. He seems desperate to sell it, he's probably having some financial trouble.
Hmm probably not.
He still makes about $50-$100 million off his shoes every year, still has shitloads of endorsements, etc.
People who own NBA teams (he's majority owner of the Hornets if I remember right) typically are filthy stinking rich and just run the team as a "for fun" diversion. Teams often lose millions of dollars and it's a drop in the ocean for these guys.
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If he's invested wisely and hasn't gambled and blown much away, perhaps he is worth a billion like he says. But without seeing what he actually has and what (if anything) he owes, you just have to take someone's word for it.
He doesn't go around broadcasting his networth. Forbes and those types of entities make the estimates on their own using what they consider educated metrics.
http://www.forbes.com/sites/kurtbadenhausen/2013/02/14/how-michael-jordan-still-earns-80-million-a-year/
Jordan earned an estimated $80 million last year from corporate partners Nike, Gatorade, Hanes, Upper Deck, 2K Sports, Presbyterian Healthcare and Five Star Fragrances. Other Jordan assets include six restaurants, a North Carolina car dealership, a motorsports team and his 80% stake in the Charlotte Bobcats. Jordan out-earns almost every member of the world’s highest-paid athletes 10 years after his last NBA game (Floyd Mayweather topped Forbes June 2012 list with earnings of $85 million).
The Jordan Brand, a division of Nike, is responsible for the vast majority of MJ’s earnings. Jordan partnered with Nike after being drafted by the Bulls out of North Carolina in 1984. The original five-year deal was worth $500,000 annually, plus royalties. The terms of Jordan’s current deal with Nike are a closely guarded secret, but royalties now generate more than $60 million annually for MJ, according to sources.
His stake in the Charlotte Hornets alone is worth more than $400 million. This is not a man going with money trouble.
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He doesn't go around broadcasting his networth. Forbes and those types of entities make the estimates on their own using what they consider educated metrics.
His stake in the Charlotte Hornets alone is worth more than $400 million. This is not a man going with money trouble.
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He also made like $30 million / year in his last two years with Chicago, and unlike most Heebs Jordan was very smart with his money. He'll die a billionaire. I lol @ people thinking his gambling causes him financial trouble. He could hemorrhage $1 million a day for the rest of his life and probably still be fine.
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He doesn't go around broadcasting his networth. Forbes and those types of entities make the estimates on their own using what they consider educated metrics.
http://www.forbes.com/sites/kurtbadenhausen/2013/02/14/how-michael-jordan-still-earns-80-million-a-year/
His stake in the Charlotte Hornets alone is worth more than $400 million. This is not a man going with money trouble.
They estimate based upon what these people (or those who work for them) tell them / self report to them, and also based upon publicly available information such as SEC filings of shares owned of publicly traded companies.
Him earning $80 million a year doesn't mean he's actually worth a billion or even a dollar. Annual gross earnings can have little or no actual correlation to net worth.
I invest in companies and help others invest in publicly traded companies for a living. Believe nothing unless it can be verified with some reasonable degree of accuracy such as SEC filings and audits done by very reputable accounting firms.
What is the source of the Hornets' valuation?
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He also made like $30 million / year in his last two years with Chicago, and unlike most Heebs Jordan was very smart with his money. He'll die a billionaire. I lol @ people thinking his gambling causes him financial trouble. He could hemorrhage $1 million a day for the rest of his life and probably still be fine.
Actually no. I'm sure Tyson and MC Hammer thought the same thing.
When you make lots of money, you have lots of taxes, expenses, etc. Then you have the leeches and the people convincing you you need this or that. I make my living helping rich people get richer and stay rich. Just about anybody CAN go broke if they're stupid enough or careless enough. Many athletes and entertainers are.
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Great idea, don't want to waste muscular effort going up stairs on leg day.
Exactly! Stair climbing is catabolic and eats away at the teardrop muscles above the knee.
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Actually no. I'm sure Tyson and MC Hammer thought the same thing.
When you make lots of money, you have lots of taxes, expenses, etc. Then you have the leeches and the people convincing you you need this or that. I make my living helping rich people get richer and stay rich. Just about anybody CAN go broke if they're stupid enough or careless enough. Many athletes and entertainers are.
Maybe in general but I think you are underestimating what a financial juggernaut the Jordan Brand is. For example I read somewhere that he outsold LeBron's shoes by something like 8-to-1 last year. Even if he only manages to take home a small fraction of that income, it's still a tremendous amount of money. He's also not exactly a Mike Tyson-type when it comes to decision-making and extravagance.
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Maybe in general but I think you are underestimating what a financial juggernaut the Jordan Brand is. For example I read somewhere that he outsold LeBron's shoes by something like 8-to-1 last year. Even if he only manages to take home a small fraction of that income, it's still a tremendous amount of money. He's also not exactly a Mike Tyson-type when it comes to decision-making and extravagance.
Yeah, like I said, I hope you're right and he's doing well. I just wouldn't bet my life savings on such a figure being accurate myself. Maybe it is, maybe it's exaggerated a little, maybe more. Who knows for sure?
But so many people are frighteningly ignorant about personal finance and often trust the wrong people and blow their money faster than they make it. Gambling and supporting an entourage of leeches are two of the biggest drainers of wealth there are. As is the whole "show 'em what u got" / keep up with the joneses mentality.
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Michael Jordan is a billionaire
by Tony Manfred
March 2, 2015
Michael Jordan has been added to the Forbes list of billionaires.
He's now the 513th-richest person in the United States with a net worth of an even $1.0 billion.
The skyrocketing values of NBA franchises is the main reason Jordan broke the $1 billion mark.
He owns the Charlotte Hornets, which saw its value increase from $410 million last year to $725 million this year after the Los Angeles Clippers' $2 billion sale to Steve Ballmer.
The rest of Jordan's worth comes from his Nike deal, which earned him $90 million in 2013 alone.
Read more: http://www.businessinsider.com/michael-jordan-billionaire-2015-3#ixzz3aR0PwWhW
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They estimate based upon what these people (or those who work for them) tell them / self report to them, and also based upon publicly available information such as SEC filings of shares owned of publicly traded companies.
Possibly, in general, but in the specific case of Jordan, his spokesperson has declined to comment on his wealth or confirm Forbes' estimate.
Him earning $80 million a year doesn't mean he's actually worth a billion or even a dollar. Annual gross earnings can have little or no actual correlation to net worth.
But that's hypothetical and unrelated to your original point about him having money troubles. If he's in such bad shape that consistently earning upwards of $50mil a year (and being guaranteed to do the the same this year) still results in him being penniless, then the $15 mil he would get from selling just one of his unoccupied multimillion dollar properties is not going to make much of a difference.
I invest in companies and help others invest in publicly traded companies for a living. Believe nothing unless it can be verified with some reasonable degree of accuracy such as SEC filings and audits done by very reputable accounting firms.
We're not talking about due diligence on a company I'm about to purchase. We're talking about whether Jordan chopping the sale price of his home suggests money problems. Considering all of his other holdings and all of his other potential revenue streams, it doesn't.
What is the source of the Hornets' valuation?
Forbes and some other biz journals estimated that price. Of course, once an actual sale takes place, the actual sale price is subject to change, but the issue was never Jordan's precise net worth, but whether or not ONE of his home's sales price was indicative of financial problems. Just to purchase an NBA team , even if you're Michael Jordan, requires profound financial stability.
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It's really not a big deal to me either way Al. Like I said, I hope he's doing well.
My points are that athletes and entertainers often don't end up doing so well, despite making lots of money. And to not just take whatever someone like an athlete or a magazine claims as gospel. And that income often has little or nothing to do with net worth. Living frugally and investing wisely are better predictors of wealth.
But just as an example, if someone is earning $80 mil a year in earned income (not things like longterm capital gains investment income or bond interest), they're probably lucky to walk away with $30 mil a year after all taxes and expenses to managers, agents, advisors, CPAs, and attorneys are paid. Unless they have ways they can deduct large amounts from their taxes.
And I'd assume he's probably got most or all of his $ tied up in things like trusts and corporate structures to greatly reduce personal liability - people love to sue rich people. But trusts and corporations are taxed at a pretty high rate in the US.
All he'd have to do is gamble a half million or so a week away to basically blow that $30 mil a year net earned income. I have no idea if he's doing that, or if he's more frugal than Buffett. Doesn't affect my life at all either way.
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50% drop in the asking price? He's definitely a motivated seller.
NO kidding. I just dropped my place by 10k and still haven't gotten any new viewings
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Jordan earned every cent of his wealth. He busted his ass up and down court for years...plus training, practice, travel, media unlike societal leeches that make their money off of financial transactions or selling real estate.
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It's really not a big deal to me either way Al. Like I said, I hope he's doing well.
My points are that athletes and entertainers often don't end up doing so well, despite making lots of money. And to not just take whatever someone like an athlete or a magazine claims as gospel. And that income often has little or nothing to do with net worth. Living frugally and investing wisely are better predictors of wealth.
But just as an example, if someone is earning $80 mil a year in earned income (not things like longterm capital gains investment income or bond interest), they're probably lucky to walk away with $30 mil a year after all taxes and expenses to managers, agents, advisors, CPAs, and attorneys are paid. Unless they have ways they can deduct large amounts from their taxes.
And I'd assume he's probably got most or all of his $ tied up in things like trusts and corporate structures to greatly reduce personal liability - people love to sue rich people. But trusts and corporations are taxed at a pretty high rate in the US.
All he'd have to do is gamble a half million or so a week away to basically blow that $30 mil a year net earned income. I have no idea if he's doing that, or if he's more frugal than Buffett. Doesn't affect my life at all either way.
Fair enough. Obviously, Jordan's financial solvency doesn't affect my life, but there are just so many "what if's" you'd have to plug in to come to the conclusion that he is in need of cash from the sale of his house.
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Maybe he just wants to get rid of it and gives no fucks if he has to drop the price a bit since he's a billionaire.
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Had no idea MJ was struggling.
Let's not forget that when the big names, Tyson, Pippen, go broke it's not like they're living in the neighborhoods they grew up in. Usually their assets are frozen and they get a fixed 6 figure income until the debts with creditors are settled.
The one who really surprised me was Micheal Vick, I know the NFL contracts are all figures unlikely to be earned, his financial situation was a nightmare but he came out of it. Kudos to him.
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IF I had 15 mill, I would NOT buy this house. It is not an attractive house at all.
agreed
it looks very dated and has not aesthetic appeal
if I had that kind of money id' get something with fantastic ocean or lake views
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i'd prefer to buy persia white's modest home, esp if she is included.
(http://2.bp.blogspot.com/-Sxu79UJTMTk/ULhWz2riK5I/AAAAAAAAFOw/LEJH1pp0g7M/s1600/Short_Sale.jpg)
(http://www1.pictures.zimbio.com/gi/ESSENCE+Black+Women+Hollywood+Awards+Luncheon+kKztj7jkJS4l.jpg)
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Story goes that it was never marketed as MJ's house until the most recent company took the listing
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Story goes that it was never marketed as MJ's house until the most recent company took the listing
The front gate has a giant 23 molded into it and the house has an indoor, NBA-regulation sized basketball court with a giant jumpman logo in the center.