Comment on Plans to offer co-ownership shares in Michael Jordan’s former mansion appear legally permissible, officials say

Plans to offer co-ownership shares in Michael Jordan’s former mansion appear legally permissible, officials say

Plans by the new owner of basketball Hall of Famer Michael Jordan’s former mansion to sell $1 million co-ownership interests in the property appear legally permissible, Highland Park officials said Monday. However, city officials’ statements, which were made in response to concerns raised at a City Council meeting by a resident and council candidate, came with an important caveat: While property co-ownership is perfectly legal — and even operating a property as a timeshare in Highland Park is legal — commercial ventures on residential properties are not allowed, and the city continues to mandate significant limitations on short-term rentals. “This particular (use), if I understand it correctly … they’re dividing the ownership into different shares.

 

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