Michael Jordan has decided to relist his 56,000-square-foot mansion in Highland Park, Illinois for $14,855,000, Los Angeles Times reported.

The Charlotte Hornets majority owner's residence, which is located on a 7.39-acre lot, was actually offered on the market for almost twice the amount at $29 million three years ago. It was then reduced to $16 million before the new listing price was released.

The property listing is handled by Mauricio Umansky and Kofi Nartey of The Agency in partnership with Katherine Malkin of Baird & Warner, a Chicago agent.

Why is the Amount Meaningful?

The current listed price is "a nod to Jordan's legacy," as noted on the site. "The price reflects a number that is more significant. If you take a look at those numbers in the price and add them up, they equal 23," Nartey told LA Times. Jordan sported jersey number 23 during his stellar basketball career.

The Expansive Home

The home that served Jordan's residence for more than 20 years also dons the special number at the entrance. The estate has an indoor tennis court, a pond, putting green, and of course, an indoor basketball court custom-built for the basketball superstar.

The contemporary home built in 1995 contains nine bedrooms,15 bathrooms and a 15-car garage. The basketball celebrity home had undergone upgrades six years ago and now showcases grand formal living areas. The Illinois property also boasts a luxurious movie theater room equipped with a cigar room, a poker room and a wet bar.

One of Jordan's Happiest Memories

With a vast experience in playing basketball, Jordan, whose skills were honed in North Carolina University, had lots of peak moments in his professional career. Those moments will be forever cherished as his happiest memories. In an interview with Marvin R. Shanken on Cigar Aficionado, Jordan shared one of the turning points of his career with the Chicago Bulls.

"In the third game of my career, we were playing Milwaukee and we were down 16 points going into the fourth quarter. People started to leave. That was their whole attitude. The game was over. I'd never experienced people leaving a game like that. It was something new. Everybody at North Carolina stayed until the end of the game, out of respect to the team," Jordan told Shanken.

"Most of my teammates in Chicago had adapted to the fans leaving and just figured, 'The game must be over.' I'm saying, 'No, it's not over until there are triple zeros on the scoreboard.' I got a burst of energy and started to lead the charge. I got the opportunity to prove it's never really over. We came from 16 points down to win the game. That's when the city of Chicago started to say, 'OK, something's starting to happen, something is changing," the NBA Star added.

The NBA legend has a net worth of $1 billion according to Forbes mainly from his Nike deal.

Watch Jordan's career highlights: