The Associated Press reports that Michael Jordan's 56,000 square foot mansion in Chicago is being sold through an auction.

The luxurious suburban park home of the sports star is up for auction on Monday, says Concierge Auctions. The company is managing the sales of high-end properties featured in Jordan's Highland Park Home.

This extensive mansion has nine bedrooms, a pool pavilion, 15 bathrooms, and a regulation-size indoor basketball court. Described as a gentleman's treat, the mansion also houses a library, a wet bar, and the original doors taken from the Playboy Mansion. The total land area is 7 acres.

Early in 2012, Jordan's mansion is estimated to be worth at least $29 million.

In an update report, the Reuters said that the property failed to make a sale. Spokeswoman for the Jordan family announced that the house has not been sold after the bidding took place. "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," said spokeswoman Estee Portnoy. "The market conditions were just not right to drive a fair value."

The basketball legend will ponder on what to do with the house, says Portnoy.

In a Concierge statement, Jordan said, "I have so many amazing, happy memories of my life in the house over the years," "It's where my kids grew up. It's where I lived during my championship years."

Jordan is selling the house because his children are all grown up and he didn't need such a big house to himself. The basketball star has three adult children from his marriage to Juanita Venoy.

This Hall of Fame player has won the NBA Most Valuable Player Award five times in a row, was named an All Star for 14 times, and won six National Basketball Association championships.

Here's the video clip of the house uploaded on YouTube by Concierge Auctions: