Co-own Michael Jordan’s iconic Chicago area home: PHOTOS

CHICAGO - Are you a Michael Jordan fan with deep pockets? If so, here’s your chance to own a stake in an iconic piece of Chicago-area real estate.

Real estate executive John Cooper, who purchased the Bulls legend's former Highland Park home last month, announced Friday that he’s selling shares in the property—now dubbed Champions Point—for an eye-popping sum as part of an exclusive co-ownership model.

CO-OWNERSHIP HIGHLIGHTS

What we know:

A limited number of co-ownership shares of Champions Point are available to both individuals and businesses, and bidding for a single share starts at $1 million. In addition to the share cost, co-owners will be responsible for covering 2% of the property's total annual operating expenses, according to the listing website.

Each share entitles the co-owner to a week-long stay on the property each year for the same designated week, according to the statement, and stays will run from Wednesday at 4 p.m. to 10 a.m. the following Wednesday.

Share owners will be allowed to invite as many as 20 guests during their stay, including children of any age.

Shares can be resold through a "structured process," allowing co-owners to pass the opportunity along to others.

A gate with the number 23 controls access to the home of basketball legend Michael Jordan on October 21, 2013 in Highland Park, Illinois. Twenty-three is the number Jordan wore while playing basketball for the Chicago Bulls.  (Scott Olson/Getty Images / Getty Images)

Dig deeper:

Champions Point, a 7.39-acre gated property located at 2700 Point Lane, features nine bedrooms and 19 bathrooms, according to a statement.

The property offers a variety of unique amenities, including a full-sized professional basketball court, an infinity pool with its own island, a putting green, a tennis court, a state-of-the-art movie theater, a hair salon, a commercial-sized fitness center, a wine cellar, and a cigar room with custom leather poker tables.

For an additional fee, co-owners can host events such as weddings, parties and retreats on the property, and those looking to add even more luxury to their stay can purchase the use of private chefs, transportation, and local event experiences.

THE BIDDING PROCESS

What's next:

Bidding is open for shares from March 2025 onwards. Those who are interested are encouraged to bid for multiple weeks, though each buyer is limited to purchasing only one share.

The highest bidders will then be contacted to determine whether they qualify as a potential co-owner, and must meet the criteria of an accredited investor as well as provide proof they can pay for the full amount of their bid, according to the website.

After they have been verified, the potential co-owner will be asked to sign a non-disclosure agreement before submitting "an earnest money deposit."

Those who are interested in placing a bid are asked to complete this form, and a representative will reach out to assist.

What they're saying:

"We envisioned Champions Point as more than just a luxury property—it's an opportunity to own a piece of history and bring sports enthusiasts together through a unique co-ownership model," Cooper said in the statement. "Our goal is to create a shared experience where co-owners can enjoy unparalleled amenities and also the sense of connection and community that comes with it."

"By preserving the property's original prestige while integrating modern technology, we're ensuring that Champions Point continues to be a place where extraordinary memories are made for years to come."

TIMESHARE VS. CO-OWNERSHIP

According to the Champions Point website, co-ownership and timeshare models are similar in that they both involve the shared use of a property, but differ in a few key ways.

While timeshares grant the right to use the property during a set time period, they also come with "limited owner input, high costs, and low resale value."

With the co-ownership model, the website says the shareholder is "provided with deeded ownership of a property share, offering more flexibility, owner control potential property appreciation, and better exit options."