This would definitely be the ultimate gift for the world’s biggest Michael Jordan fan, as the original copy of his last contract with the Bulls for $33 million—the largest single season deal in NBA history—is up for auction by the Dallas area’s Heritage Auctions. Per ESPN’s Darren Rovell, the contract was estimated to be worth somewhere in the $30,000 range, but with a week left in the auction the bidding has already reached $28,000.
The contract, which Jordan signed for the 1997-98 season, was his last with the Bulls. That season culminated in a sixth championship for Jordan and the Bulls. The contract is signed by Jordan, himself, and initialed by him on each of its 24 pages. It’s also signed by Jerry Krause, former Bulls general manager, and Irwin Mandel, the man in charge of the Bulls’ finances. It also includes a two-page cover letter from Mandel to the NBA.
The original estimate for the contract’s value by the company auctioning it, Dallas-based Heritage Auctions, was $30,000, but with a week remaining until the bidding closes next Thursday night, bidding has already topped $28,000.
Looks as though the bidding will eclipse the $30,000 mark easily, but as popular as MJ is, will fall well short of the record $1.02 million someone shelled out for the $5,000 contract Babe Ruth signed with the Red Sox in 1918. Maybe I’m just old and cranky, but either amount seems ridiculous to pay for what amounts to a guy’s autograph on some fancy letterhead, but I digress.