Michael Jordan is not prepared to give up on selling his iconic mansion on the outskirts of Chicago despite the NBA legend failing to find a bidder when the property went to auction last month.

The former Chicago Bulls superstar has been trying to shift his 56,000-square-foot home since February of 2012, initially listing it at a hefty $29 million, but no buyer was prepared to part with such a sum to acquire the property.

Jordan then dropped the asking price by $8 million before eventually tasking ConciergeAuctions.com with finding a willing buyer. However, an even lower reserve price of $13 million was not met and the mansion remains unsold.

Forbes now reports that Jordan is ready to place the seven-acre estate back on the market with a valuation of $16 million, which would appear optimistic given the recent failings to attract enough interest at a reduced fee.

Jordan designed the home, completed in 1995, and it includes nine bedrooms, 15 full bathrooms, an indoor basketball court and outdoor putting green.

He has, however, left the Highland Park area following his divorce and the fact the children from his first marriage are now adults. Jordan, now 50, married again earlier this year and is expecting twin girls with new wife Yvette Prieto.

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