Michael Jordan failed to sell his extravagant Chicago home at auction on Monday, according to CNN. The auction was scheduled for last month but was postponed after potential bidders wanted more time. 

To participate in the auction, bidders had to put up a bond worth $250,000.

The 56,00o square-foot-compound went on the market in February 2012 for $29 million and failed to sell even after dropping the asking price to $21 million in January of 2013.

Michael Jordan's spokesperson told CNN:

"We are disappointed that the high bid in today's auction of Michael Jordan's residence in Highland Park did not meet the reserve price...we will be evaluating options for the property in the new year."

The home is located in Highland Park,  just north of Chicago and features a full-sized NBA regulation indoor basketball court, 9 bedrooms, 15 baths,- and a putting green.

Click here to tour the estate >

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