Homes Become Tourist Attractions
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The speakers discuss converting Michael Jordan's house into a modern museum attraction, similar to how Graceland and other historical homes have become successful tourist destinations.
Core Business Model
- Buy Michael Jordan's house ($13-15M)
- Convert it into a modern, Instagram-worthy museum
- Generate revenue through ticket sales, food, and merchandise
Key Components:
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Location Advantage:
- 20 minutes from Chicago airport
- Major city with large tourist base
- Accessible to basketball fans worldwide
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Funding Structure:
- Initial Investment: $13-15M for house
- Additional $4-5M for setup and conversion
- Two funding approaches:
- Traditional: Raise from wealthy investors
- Crowdfunding: Create viral PR story and built-in customer base
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Revenue Opportunities:
- Ticket sales
- Food service
- Gift shop/merchandise
- Memorabilia storage fees from collectors
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Museum Experience:
- Modern, photo-focused exhibits like Museum of Ice Cream
- Instagram-worthy photo opportunities throughout
- Display rare sports memorabilia and collectibles
- Interactive exhibits with Jordan memorabilia
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Target Revenue:
- Aim for $5-10M annual revenue
- Comparable to other historical homes:
- Graceland: $21M/year from tickets (600,000 visitors)
- Mount Vernon: $51M total annual income
- Monticello: $8M from ticket sales
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.