The auction will take place on Nov. 22.
In an email to the Wall Street Journal, Jordan said he is selling the home because “my kids are grown now and I don’t need a large house in Chicago. It was time for some warmer weather down at my new home in [Jupiter] Florida.”
“Some of the best things in the world are sold at auction, and I’ve seen that this is the beginning of a trend for selling unique, one-of-a-kind homes.”
Jordan, owner of the Charlotte Bobcats and six-time world champion for the Chicago Bulls, originally listed the home for $29 million in February 2012. He later dropped the price to around $21 million.
Still, there have been no takers for the nine bedroom, 15 bathroom home with 56,000 square feet of living space. Three of the bedrooms are located in a guest wing of the compound.
The secluded estate sits on more than eight acres of land and was built in 1995.
The home is professionally landscaped, and includes tennis courts, a pool and large patio space.
In addition to the home, Jordan built an NBA-quality basketball court on the property, with showers and locker room.
There is also room for 15 cars in the garages.
According to the auction company, Concierge Auctions, “the home has a card and cigar room with a custom-built, walk-in humidor, a wine cellar, wine tasting room, sitting room, and a fully equipped in-house beauty salon.”