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Michael Jordan estate fails to sell at auction

Updated: Wednesday, December 18, 2013 |
Michael Jordan estate fails to sell at auction story image
HIGHLAND PARK, Ill. (AP) - Michael Jordan's 56,000-square foot home in suburban Chicago has failed to sell at auction after the bidding fell short.

Jordan spokeswoman Estee Portnoy says nobody offered the reserve price of $13 million for the seven-acre estate in Highland Park, north of Chicago.

Portnoy says Concierge Auctions publicized Monday's auction well, but that market conditions aren't ideal. She says options for the property will be evaluated next year.

The former Chicago Bulls superstar's home originally was listed at $29 million in early 2012.

It has nine bedrooms, 15 full bathrooms, a pool pavilion and a regulation-size indoor basketball court. It also features what's described as a "gentleman's retreat," complete with a library, wet bar and the original doors from the Playboy Mansion in Chicago.

Jordan now owns the Charlotte Bobcats.
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NEW YORK (AP) -- Stocks are slightly higher in midday trading as markets start to wind down ahead of the Thanksgiving holiday in the U.S.

Several stocks were moving on news.

Deere rose almost 4 percent after the maker of farm equipment reported earnings that beat analysts' forecasts. HP sank 13 percent after reporting weak sales of PCs, printers and commercial software.

U.S. markets will be closed Thursday for Thanksgiving. They will reopen on an abbreviated schedule Friday.


WASHINGTON (AP) -- The number of people seeking U.S. unemployment aid dropped sharply last week, the latest sign that businesses are cutting few jobs.

The Labor Department says weekly applications for jobless benefits fell 12,000 to a seasonally adjusted 260,000, not far from the lowest levels in four decades.

Applications are a proxy for layoffs. The four week average, a less volatile measure, was unchanged at 271,000.

Businesses are holding onto their staffs and adding jobs at a solid pace as steady consumer spending has bolstered the economy. The strong dollar and slower overseas growth have reduced corporate profits but so far there is no sign companies are responding by cutting workers.

Hiring actually rose to its strongest level this year in October, as employers added 271,000 jobs.


WASHINGTON (AP) -- Consumer spending posted a modest increase for a second straight month in October, while personal income rebounded after a sluggish September.

The Commerce Department says spending edged up 0.1 percent in October after a similar tiny gain in September.

Incomes jumped 0.4 percent in October, double the 0.2 percent rise in September. Wages and salaries rose by 0.6 percent. That was the strongest wage gain in five months and a reflection of the big surge in hiring that occurred last month.

The second straight month of spending weakness could signal trouble, given that consumer spending accounts for 70 percent of economic activity. However, economists are counting on the strong labor market to bolster the incomes needed to fuel spending in the months ahead.


WASHINGTON (AP) -- Sales of new homes recovered in October after suffering a steep drop in September, indicating that the housing market may be stabilizing.

The Commerce Department says new-home sales climbed 10.7 percent last month to a seasonally adjusted annual rate of 495,000. This rebound followed a 12.9 percent plunge in the sales rate during September.

The new-home sales report tends to be volatile from month to month. Home-buying surged 135.5 percent in the Northeast in October, while rising less aggressively in the Midwest and South. Sales dropped slightly in the West.

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Mortgage buyer Freddie Mac said Wednesday the average rate on a 30-year fixed-rate mortgage slipped to 3.95 percent from 3.97 percent a week earlier. The key 30-year rate was nearly unchanged from its level of a year ago, 3.97 percent. But the average has increased over the past months from 3.76 at the end of October.

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The Commerce Department says that orders for durable goods rose 3 percent in October following declines in both September and August. The strength was led by a surge in demand for commercial aircraft but reflected widespread gains in a number of categories, from machinery to computers. A key category that serves as a proxy for business investment spending rose 1.3 percent in October, the best showing since July.

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The University of Michigan's consumer sentiment index rose to 91.3 in November from 90 in the previous month. That is close to the average for the past six months of 91.6.

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Among lower and middle-income households, 38 percent expect their personal finances to improve in the coming year, compared with just 29 percent of higher-income households. The outlook for wealthier families appears to have been tempered by recent swings in the stock market.


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Chairman and CEO Jeffrey Ettinger said Wednesday that the split "demonstrates our confidence that we will continue to grow our sales and earnings."

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Volkswagen said in a statement Wednesday that in Europe the 2.0 liter EA 189 engine will require only a software update taking half an hour to install.

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The cabin crew union UFO said Wednesday that it would cancel previously announced walkouts for Thursday, Friday and Monday.

The union for flight attendants said there would be further talks leading up to a so-called jobs summit with Lufthansa on Dec. 2.

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Attorney General Eric Schneiderman (SHNEYE'-dur-muhn) had sued Allergan PLC to prevent the company from withdrawing Namenda, a popular Alzheimer's treatment, a few months before lower-cost generic drugs became available.

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Seats on the 42nd Street shuttle between Times Square and Grand Central Terminal were wrapped in Nazi regalia to promote an Amazon video series called "The Man in the High Castle." The show depicts the aftermath of World War II as if the Axis powers triumphed.

The region's transit network, the Metropolitan Transportation Authority, approved the ads, which first appeared earlier this month.

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Washington Times