"Should we buy Michael Jordan's House?"

TL;DR

Michael Jordan’s 56,000 sq ft Highland Park house has been on the market for ~10 years, price cut from ~$29M to ~$13–$14M. The speakers propose crowdfunding ~$15M from 5,000 people at $2,500 each (or via Rally Road) to buy it, then operate it as a paid museum (modeled on Graceland, Monticello, Mount Vernon) or a high-end Airbnb (like the Obama House).

Key insights

• The house hasn’t sold because it is highly customized to Michael Jordan and property taxes are expensive; the price cut to ~$13M makes it a potential value buy.
• Graceland (Elvis Presley’s house) attracts ~600,000 visitors/year, generating ~$21M in ticket sales alone, despite being in a “crappy neighborhood.”
• Monticello (Thomas Jefferson’s house) earns ~$8M/year from ticket sales with ~500,000 visitors; Mount Vernon (George Washington’s house) does ~$17M/year in food sales and ~$15M in admission, total inc