Michael Jordan's house on market for $16 million after failed auction

Jordan first put his 33,000-square-foot home near Chicago on sale in March 2012 for $29 million.

NEW YORK (CNNMoney)

The house is on seven-plus acres in Highland Park, Ill., about 25 miles north of Chicago.

The former NBA star first put it on the market in March 2012 for $29 million. The price was cut to $21 million nearly a year ago and then failed to sell at auction last month, when nobody made even the $13 million minimum bid.

The house was built in 1995 and has nine bedrooms, 15 baths, a cigar room, and a garage big enough to hold 14 cars. There's a huge home gym.

Katherine Malkin, the listing agent, said the most awesome home feature is the regulation sized basketball court.

Related: See inside Jordan's house

"There's nobody -- man, woman or child -- who walks on the court who is not stunned by it," she said. "The lighting, the floor, everything is so beautiful."

With the court and finished lower level of the house included, the compound totals about 56,000 square feet.

Outdoors is a chipping range and putting green, tennis courts, a lily pond and a huge flagstone patio. The front entrance gate sports a giant number 23 -- not for the address but, of course, for Jordan's former number.

Related: American Dream homes: What you'll pay in 10 cities

Malkin has had the listing for about a year and said there has been lots of interest in it, but few prospects qualify as serious buyers. Would-be purchasers must have enough liquidity to pay cash for the house in full before they can put in offers.

Last year, Jordan bought a house in his native North Carolina, one close to the home court of the Charlotte Bobcats, the NBA team of which he is now the majority owner.

Related: The $2 million home theater

The Illinois property is about three times larger than the new house and stands out in the neighborhood for its size and price.

"He was a very successful and sought-after personality and he built a compound to fit his lifestyle," said Malkin.

She said he has redone parts of the property over the years and it's in "perfect" condition. "Nobody kept a house better than he did," she said.

First Published: January 3, 2014: 12:37 PM ET

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Bernanke: Recovery 'remains incomplete'

PHILADELPHIA (CNNMoney)

"The recovery clearly remains incomplete," he said, in what sounded like a swan song speech at the American Economic Association's annual meeting in Philadelphia, Friday.

Bernanke's term officially ends on January 31, at which point Fed Vice-Chair Janet Yellen is expected to take the helm. (The Senate is scheduled to vote on her confirmation Monday evening).

Among the unfinished business that concerns Bernanke: the unemployment rate at 7% "still is elevated," he said. Meanwhile, participation in the labor market has continued to decline, partly because workers remain discouraged about their job prospects.

As of December, only 63% of Americans over age 16 participated in the job market -- meaning they either had a job or looked for one. Before the recession, it was around 66%.

Related: Yellen: Fed has more to do

That said, Bernanke was willing to cautiously defend the success of his most controversial policy. The Fed has kept its key interest rate near zero since December 2008, but when that effort wasn't enough to jumpstart a recovery, the Fed started a three-part bond-buying spree, in an effort to lower longer-term interest rates as well.

That policy, known as quantitative easing, has more than quadrupled the size of the Fed's assets to over $4 trillion. Skeptics question both the impact (did it really help the job market much?) and the future risks (will pumping that much money into the economy eventually lead to rapid inflation?).

Speaking to those criticisms, Bernanke said, for the most part research backs up his view: The program "helped promote the recovery."

In December, the Fed decided to start gradually winding down that program. Whereas before, it had been buying $85 billion in bonds each month, the Fed will buy $75 billion this month. Over time, the central bank hopes to keep reducing the program, until it eventually gets down to zero.

Related: Fed finally tapers its stimulus

Bernanke said that decision reflected cumulative progress in the job market since the Fed started the $85-billion-a-month program in September 2012. Since then, the unemployment rate has fallen from 7.8% to 7%, and added about 2.7 million jobs.

Looking forward, Bernanke said he believes various headwinds to the economy are now starting to fade.

"The combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation bodes well for U.S. economic growth in coming quarters," he said.

But he was quick to add some caution: "Of course, if the experience of the past few years teaches us anything, it is that we should be cautious in our forecasts."

Bernanke is set to preside over one final Fed meeting, January 28-29, before Yellen's leadership transition is expected to take place.

First Published: January 3, 2014: 2:33 PM ET

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BlackBerry sues Ryan Seacrest startup Typo

BlackBerry's lawsuit alleges that the keyboard from Typo, Ryan Seacrest's startup, infringes on its patents.

NEW YORK (CNNMoney)

BlackBerry (BBRY) has filed a patent infringement lawsuit against Typo, a startup backed by "American Idol" host Seacrest that sells a $99 tactile keyboard which snaps on to Apple (AAPL, Fortune 500) iPhones. Seacrest and marketing executive Laurence Hallier co-founded Typo.

The Typo Keyboard has been available for pre-order since the company debuted in December. The device is slated to come out later this month -- but not if BlackBerry can help it.

In a press release about the lawsuit, Steve Zipperstein, BlackBerry's general counsel, called Typo "a blatant infringement against BlackBerry's iconic keyboard."

Related story: New BlackBerry CEO optimistic despite loss

Zipperstein didn't stop there.

"We are flattered by the desire to graft our keyboard onto other smartphones, but we will not tolerate such activity without fair compensation for using our intellectual property and our technological innovations," he added.

We're only three days into 2014, and the Seacrest/Typo lawsuit is already the second bit of news about BlackBerry and celebrities this year. BlackBerry announced on Thursday that it will part ways with Alicia Keys, who served as the company's "creative director" for just twelve months.

First Published: January 3, 2014: 3:08 PM ET

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Real 'Wolf of Wall Street' says he will give film royalties to victims

Jordan Belfort (left) is portrayed by Leonardo DiCaprio in "The Wolf of Wall Street."

NEW YORK (CNNMoney)

Jordan Belfort, the convicted stock scammer portrayed in a new movie by Leonardo DiCaprio, says he plans to give 100% of the proceeds from the film and the book on which it's based to victims of his fraud.

Belfort was sentenced to four years in prison in 2003 and ordered to pay over $110 million in restitution to his victims -- unsuspecting investors to whom Belfort and his associates in a "boiler room" scam sold worthless stocks. In all, investors lost roughly $250 million before the operation was shut down in 1996.

Belfort served 22 months of his sentence before being released. A judge ordered that he make payments to victims equal to 50% of his monthly income following his release.

As of October, Belfort had contributed only about $11.6 million to the victim fund, according to federal prosecutors. The government moved to hold him in default on his obligations to victims earlier this year, saying the payments he had been making were "insufficient," but that request was later withdrawn pending talks between the two sides.

Related: The real 'Wolf of Wall Street'

In a post on his Facebook page Sunday, Belfort said he planned to boost this total by passing on the entirety of his royalties from the book and movie.

"I am not making a single dime on any of this," Belfort wrote. "This should amount to countless millions of dollars and hopefully be more than enough to pay back anyone who is still out there."

Belfort currently earns a living doing sales training and motivational speeches about his rise and fall. He claims to earn as much as $50,000 a day, according to Bloomberg Businessweek.

"My income comes from [my] new life, which is far better than my old one," Belfort wrote on his Facebook (FB, Fortune 500) page. "I will admit the Quaaludes were kind of fun, at least in the beginning," he added.

Belfort did not immediately respond to a request for comment Tuesday, nor did federal prosecutors.

"The Wolf of Wall Street" opened on Christmas and made $34.3 million during its first five days in theaters, after costing more than $100 million to make. The film has garnered Golden Globe nominations for Best Motion Picture, Musical or Comedy, and Best Actor in a Musical or Comedy.

First Published: December 31, 2013: 5:09 PM ET

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More donations top $100 million

Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, made the single biggest donation of the year.

NEW YORK (CNNMoney)

A total of 15 individual donations exceeded $100 million in 2013, according to an annual tally from the Chronicle of Philanthropy, based on publicly announced gifts. That's up from 11 donations at that level in 2012.

The rebounding stock market was behind much of the newfound confidence of donors, said Stacy Palmer, the Chronicle's editor.

"People are doing well in this market and feel confident parting with this money, they're not as worried that they will regret it down the road," she said.

Facebook (FB, Fortune 500) CEO Mark Zuckerberg and his wife, Priscilla Chan, made the single biggest donation of the year. The couple gave 18 million shares of Facebook stock -- valued at more than $990 million -- to the Silicon Valley Community Foundation, which distributes donations to a wide range of other nonprofits in the area.

Related: Giving a bundle to charity? Consider a donor-advised fund

Twelve of the 15 biggest donations in 2013 were made to universities. Michael Bloomberg, now the former mayor of New York, pledged $350 million to his alma mater, Johns Hopkins University in Baltimore. Qualcomm (QCOM, Fortune 500) co-founder Irwin Jacobs pledged $133 million to New York City's Cornell Tech.

Other gifts included a $100 million pledge from David Koch to New York Presbyterian Hospital, specifically for a new ambulatory care center, and $500 million for the Oregon Health & Science University Foundation from Nike (NKE, Fortune 500) chairman Phil Knight and his wife Penelope.

Related: Top charity CEOs pay exceeds $1 million

Overall, gifts exceeding $100 million or more totaled $3.4 billion last year. That compares to $5.1 billion in 2012, though $3 billion of that came from Warren Buffett's gifts to foundations run by his three children. Without that money, the total would have been a much lower $2 billion. And this year's tally is still a far cry from the $4.1 billion donated in 2007, before the financial crisis hit.

"We're still in recovery mode," said Palmer. "[The wealthiest] aren't quite giving as generously as they were before the downturn, but it was still a very strong year."

First Published: January 1, 2014: 12:13 AM ET

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World markets: What's hot in 2014

European stocks should continue to do well. China may be more spotty. Click chart for more.

LONDON (CNNMoney)

The flow of cheap money will lessen, say experts. But don't despair.

While that will stir up risk in some regions, it will also present opportunities. At the same time, corporate earnings will take center stage as stock markets are weaned off massive amounts of stimulus.

"Prospects are much more dependent upon near-term earnings growth," said John Wyn-Evans, head of investment strategy at Investec Wealth & Investment.

Strategists say developed markets hold better return potential than their emerging peers, as the U.S. Federal Reserve pulls back its support. Slowing growth in China is another challenge that could sap confidence and hurt equities in the year ahead.

But there's still plenty of opportunity for investors looking in the right places. We scoured the globe and gathered expert tips on where to invest, and where to avoid.

1. Europe

The fragile European recovery, frustrated by subdued global growth and a relatively strong euro, continues to cast a pall over the region. However, things are moving in the right direction.

A record-breaking run for Germany's blue-chip DAX index led a string of market rallies in Europe in 2013. Growth in the U.K. was reignited and London stocks marched higher in tandem.

Looking ahead, analysts are selectively optimistic about European equities. Analysts at Threadneedle Investments in London say improved economic fundamentals should translate into steady, rather than dramatic, earnings growth.

Nomura analysts are more upbeat. They expect "superior earnings growth" of 14% next year for companies in continental Europe.

If you're looking for a less traditional European play, Nomura analysts like countries with big financial sector exposures, such as Poland. Economies that are closely tied to improving global growth -- such as the Czech Republic -- are also ones to watch.

And is there more life in the market rally enjoyed by Europe's largest economy? Analysts at Wells Fargo think not: they advise investors to sell out of Germany, and instead position themselves to benefit from the eurozone rebound through Belgium and Switzerland.

Related: What's ahead for the U.S. economy in 2014

2. Asia

This year could be another big one for Japan. The benchmark Nikkei index surged nearly 60% in 2013, sealing its best annual performance in more than 40 years. And stock pickers see more upside on the horizon.

Major economic reform has helped drive the outsized gains. The stimulating effect of Abenomics is expected to keep stocks buoyed in the year ahead. Analysts at Nomura, Threadneedle Investments and Wells Fargo all expect Japanese equities to climb higher in 2014.

Elsewhere in Asia, a pick-up in global demand is likely to support many export-focused Asian economies. Improved confidence may spread to equities but the region faces two key headwinds: slowing growth in China and rising interest rates.

Markets to avoid? UBS analysts name India and Indonesia as their "least preferred markets in Asia." Both countries are vulnerable to reduced monetary stimulus from the Federal Reserve.

UBS Asia equity strategist Niall MacLeod said other southeast Asian markets, including Malaysia, Indonesia and Singapore, are expected to lag the region as the Fed pulls back.

Related: Don't expect a bond bloodbath in 2014

3. Emerging markets

Taper risk won't just be contained to developing markets in Asia. Brokerage CLSA expects stocks in emerging markets to underperform those in developed regions, at least into the second-half of the year.

Brazil might be scarred as the Fed scales back, though Mexico is poised to fare much better, given relatively solid economic fundamentals and stronger ties to U.S. growth.

Analysts at Threadneedle Investments like Mexico, citing solid growth prospects and a competitive manufacturing sector. And if investors want to beef up emerging market exposure, Threadneedle analysts suggest backing companies within regions that are tied into the developed market recovery.

First Published: January 1, 2014: 10:04 AM ET

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Stocks: Break out the champagne!

2013 has been a very good year for stocks.

NEW YORK (CNNMoney)

The final two weeks of the year are typically good for stocks, a phenomena known on Wall Street as the Santa Claus rally. Over the past 100 years, the Dow has gained in the New Year week 69% of the time, according to Schaeffer's Investment Research.

Ryan Detrick, senior technical analyst Schaeffer's, expects the momentum to continue in the near term as investors who missed the rally look for opportunities to buy into the market. While it's impossible to predict what stocks will do, "we don't anticipate anything rocking the boat," he said.

The Dow is up more than 25% and S&P 500 has gained nearly 30% so far this year. The Nasdaq has surged 38%. The Dow is on track for its biggest annual gain since 1996 and the S&P 500 is on pace for its strongest year since 1997.

Related: Are you a markets wiz?

Markets closed Jan. 1: U.S. markets will be closed Wednesday for New Year's day.

Economic reports: The economy will be in focus next week. Reports on home prices and consumer confidence are due, along with data on manufacturing activity and auto sales.

Investors will be watching all economic data closely, especially after the Fed announced plans earlier this month to begin scaling back its monthly bond purchases by $10 billion beginning in January.

Investors took the news in stride and many see the move as a sign the economy is likely just about strong enough to stand on its own.

Related: Best year ever for stock funds

The Federal Reserve's stimulus policies have been a major driver of the bull market that started in 2009. But stocks have been supported in 2013 by an improving economy and continued growth in corporate profits.

Stocks rose last week, with the Dow Jones industrial average and the S&P 500 both touching record highs. The gains came on light trading volume with many professional money managers absent for the Christmas holiday.

First Published: December 29, 2013: 9:27 AM ET

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