The commercial real estate executive who paid $9.5 million in December for Michael Jordan’s massive Highland Park mansion announced on Thursday that he is offering co-ownership shares in the home, with bids starting at $1 million apiece. According to a new release, John Cooper, who is a general partner with Lincolnwood-based HAN Capital, is offering an unspecified number of co-ownership shares in the estate, which the retired Chicago Bulls player had tried to sell for more than 12 years. Jordan had once asked as much as $29 million for the mansion, which sits on 8.4 acres. Cooper, a Lincolnshire resident, declined to comment when reached on his cellphone Thursday evening. However, according his news release, co-owners would be responsible for 2% of the estate’s annual expenses, or an estimated $25,000 per owner, and would be allowed exclusive access to the property for the same designated week each year. Co-owners also would be permitted to invite up to 24 guests during their weeklong stay, including children. For additional stays or hosted events, co-owners would have to pony up more. Jordan’s estate is located at 2700 Point Lane in Highland Park, and Cooper has renamed the estate Champions Point. Built in 1995, the mansion has 15 full bathrooms, four half bathrooms, a regulation-sized basketball gymnasium, a circular infinity pool, a cigar room, a putting green and a tennis court. The home’s total square footage is up for debate — its listing agent called it 56,000 square feet in size, while Lake County’s assessor believes the mansion is 32,683 square feet. For those looking to resell their ownership shares in the future, the news release stated that a “structured process” would be involved. Although Cooper is allowing co-owners to take photos and videos during their stays, they may not be used for commercial purposes. In addition, owners will be required to sign a non-disclosure agreement. In addition, nowhere in the news release or on the Champions Point website can one find the words “Michael Jordan.” Still undetermined is whether Highland Park’s municipal code permits the co-ownership structure. While no laws bar multiple people from owning a single-family home, some communities have ordinances barring short-term rentals through firms like Airbnb or VRBO. In Highland Park’s case, the city requires owners of short-term rental properties to register with the city, and bars short-term rentals from being occupied by more than 12 people at a time. Highland Park also bars short-term rentals for more than 45 days of rentals in any calendar year. But Cooper is selling deeded ownership shares as opposed to offering short-term rentals. Bob Goldsborough is a freelance reporter.