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.

BING NEWS:
  • Michael Jordan’s Former Chicago Mansion Is Becoming a $1-Million-Per-Week Timeshare
    John Cooper, the buyer of Michael Jordan's longtime home in Illinois, is opening the legendary property up for shared ownership opportunities.
    01/16/2025 - 9:03 am | View Link
  • Shares of Michael Jordan's former Highland Park mansion being sold by new owner
    You can now own a share of Chicago Bulls legend and NBA Hall of Famer Michael Jordan's former suburban home. The man who bought the Highland Park estate is selling shares for "Champions Point." ...
    01/10/2025 - 3:28 pm | View Link
  • Want a stake in Michael Jordan's Highland Park mansion? New owner says he's selling shares at $1M
    The co-ownership shares give buyers a week of access to the property each year, including an option to host events there for an extra fee.
    01/10/2025 - 10:32 am | View Link
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