I told you weeks ago that Lanny Wadkins’ house in Preston Trails had signed up for auction with Concierge Auctions. There’s no reserve. The auction is this Thursday, and I will be there, of course, to report. The 9,521 square foot home (five bedrooms, five full and three half bathrooms, a pool, 9-hole putting green and practice area, plus shuffleboard court) has been on the market for a bit at $2.295 million. Kind of funny: I wondered aloud in that post if the home would have sold sooner had the previous agents, all of them seasoned and quite capable, just said it was Wadkin’s home from the get-go. Too often high profile peeps want to keep a “low profile” when they sell their homes, and this is what happens — house sits. And sits. Agents really need to manage their clients better. After all, you are the expert, right? If name-dropping helps sell a home, over-rides a location or other negative, then name-drop for Kripes’ sake, unless you don’t really want to sell it.
After my post, I noted that Concierge kind of opened up and even got a quote out of the owner — this was very smart:
“We completed major renovations to the home in 2004 and really love the larger space that was created. My entire family has enjoyed living in this warm and comfortable home; it was a great place for entertaining and for my boys to hang out with their friends,” stated the seller, Lanny Wadkins. “Our location is ideal – it is in a very safe, beautiful neighborhood near great schools and convenient to absolutely everything, including all of the activity of downtown Dallas. We have enjoyed each year living here, but since our children are grown and I’ve been traveling more, it is time to find new owners who can make this wonderful place their home.”
But name-dropping has not helped Concierge move Michael Jordan’s home in suburban Chicago, not even TWICE! AOL Real Estate notes that his 56,000-square foot home in Highland Park, Ill. which is haute suburban Chicago, has “failed to sell at auction after the bidding fell short. Jordan spokeswoman Estee Portnoy says nobody offered the reserve price of $13 million for the seven-acre estate in Highland Park, north of Chicago.”
The $13 million reserve was on a home that had been on the market for $29 million in 2012. It has nine bedrooms, 15 full bathrooms, a pool pavilion and a regulation-size indoor basketball court. It also has “gentleman’s retreat,” aka Man Cave, complete with a library, wet bar and the original doors from the Playboy Mansion in Chicago.
Nice, especially the doors. But worth $13 million?
Even Sports Illustrated says that as great as Michael Jordan was on the court, he kind of sucks at real estate:
Once gain, no one was willing to poney up the dough at an auction for his mega-mansion … TMZ Sports has learned.
The 7-acre Chicago compound would’ve gone to literally anyone willing to shell out $13 mil at today’s auction … but yet again, there were no takers on the property.
We know a lot of star athletes who kind of suck at real estate — Deion Sanders has his 29,000 square foot compound up there in Prosper, and still owns a penthouse at The Azure. Well, technically, TwentyOne LLC, whose address is 1280 North Preston in Prosper, is the owner.
Then we know some star athletes who turn every piece of dirt they own into gold.
In any case, Jordan plans to try try again, just like I do when shooting hoops. The Chicago market ain’t exactly hopping, but there are plenty of rich peeps up there in Highland Park, believe me. Of course, the taxes on that place would give me a heart attack.
The Wadkins deal is going to be interesting. There is no reserve, but you must put your minimum bid in the contract before attending the auction. I would venture to say they have received at least $500,000 in minimum bids. The home is appraised by DCAD at $2,171,310 with $50,000 plus in annual taxes.
I’m thinking it will go for at least a million, you?