While you might think that investing in a multi-million dollar home would always be a fantastic investment, that really is not always the case. Many homeowners who try to sell their extravagant homes are not able to do so, and the reasons vary. Whether they’re celebrity homes or huge manors, sometimes the home’s net worth significantly declines and the original owners may have to lower their asking price dramatically. Here are some of those mansions that ended up costing their owners instead of making them money.
$10 New Jersey Mansion
That’s right, this house was $10 when it was put on the market, and it stayed at $10. There’s a reason why the price never went up: anyone who buys the home will be obligated contractually to physically move the house away from the land. If you don’t want to do that, you’d have to shell out a whole lot more than $10 to buy the land underneath it as well.
$10 New Jersey Mansion
Michael Jordan’s Chicago Estate, $29 Million
Michael Jordan put his Chicago home on the market for $29 million, but he has since dropped the price down to $15 million since there has not been a buyer. It’s been on the market since 2012 with no luck. The main issue is that the amenities are too sports-focused, so only another professional athlete would likely be interested in such a property.
Michael Jordan’s Chicago Estate, $29 Million
