MJ is new Cornelius resident (Charlotte, Norman: sale, real estate, foreclosure)
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Bobcats owner Michael Jordan has purchased a 12,310-square-foot lakefront home in Cornelius, N.C., for $2.8 million.
The home is about 22 miles north of uptown Charlotte where the Bobcats play their home games and where Jordan owns a spacious condo.
Public records show the home, which had been foreclosed, was purchased Feb. 19 by the Jordan Family Gift Trust from First Community Bank.
The home is located on Lake Norman and the seventh hole of The Peninsula Golf Club. The listing states it features six bedrooms and eight bathrooms and a "stunning panoramic lake views from almost every room."
I did a little research to find out which house he bought. It was a foreclosure, formerly owned by NHRA drag racer Doug Herbert. His 2 teenage sons died in a car crash near the home. It was terribly tragic.
I did a little research to find out which house he bought. It was a foreclosure, formerly owned by NHRA drag racer Doug Herbert. His 2 teenage sons died in a car crash near the home. It was terribly tragic.
That's mentioned in the story on the N&O website along with a quote from Doug.
Anyone notice the house was sold to The Jordan Family Gift Trust? It was not sold to Jordan. Yes, he will live there. Can someone, maybe a CPA, explain the tax benefits of the Trust owning the property vs MJ? I am sure, looking at his real estate investments, they will pay big dividends down the road. The Trust got a great deal. My heart goes out to Doug Herbert. I know he and his wife wanted out of the house because of all the pain (loss of his two sons in 2008) associated with living there. It was a win-win for MJ and Herbert, even though Herbert took a beating on the sale price. Maybe the money saved on the deal would give MJ some discretionary money to change the CATS brand over to the Hornets.
Anyone notice the house was sold to The Jordan Family Gift Trust? It was not sold to Jordan. Yes, he will live there. Can someone, maybe a CPA, explain the tax benefits of the Trust owning the property vs MJ? I am sure, looking at his real estate investments, they will pay big dividends down the road. The Trust got a great deal. My heart goes out to Doug Herbert. I know he and his wife wanted out of the house because of all the pain (loss of his two sons in 2008) associated with living there. It was a win-win for MJ and Herbert, even though Herbert took a beating on the sale price. Maybe the money saved on the deal would give MJ some discretionary money to change the CATS brand over to the Hornets.
Probably Liability more than anything else.
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