Jordan Mansion Remains Unsold
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Sam Parr shares insights about historical estates and their revenue potential, using it to make a case for turning Michael Jordan's mansion into a museum.
"I looked up some numbers on historical estates. Graceland does $15 million a year in admission sales and about $51 million in total income, which includes $10 million from contributions.
Michael Jordan's house is located just 20 minutes away from Chicago airport, one of the most popular airports in the world. Chicago is one of the most populous cities in America.
My proposal would be to raise $2-3 million from investors or use personal money to buy it. It would cost several more millions to set it up, but you'd create a Michael Jordan museum. You'd have to convince collectors to lend you their stuff.
For context, places like Graceland, Monticello, and Mount Vernon have been around as tourist destinations for 100+ years. They're doing $50 million in revenue, which is significant. Even if you just did $2-3 million in revenue and could do that for 50+ years like Graceland has done for 60 years, that's incredibly fascinating."
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.