Michael Jordan's home fails to sell at auction

Michael Jordan's 56,000-square-foot home failed to sell at auction Monday after lingering on the market for nearly two years.

The home was initially listed for $29 million in February 2012, and later cut to $21 million. Bids at the auction failed to meet the reserve price for the home built in 1994, according to CNNMoney.

The former Chicago Bulls basketball star still has lucrative deals with Pepsico's Gatorade, HanesBrand and Nike. He also owns a motor-sports team, several restaurants and a majority share of the NBA's Charlotte Bobcats.

Despite his celebrity status, one real estate agent says Jordan's home will be difficult to sell.

"Homes over $3 million are still a tough sell. It's an awful lot of money, Jordan or no Jordan," said Howard Mandel, a Realtor with Coldwell Banker. "Granted it's got a full regulation NBA court, but I don't know how many people are looking for that. It could turn into a tear down."

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