investing

Celebrity investments gone sour

Jay Z
Jay Z

Jay Z

The investment: While Jay Z's business investments have hardly caused the hip-hop mogul 99 problems -- he is unquestionably one of the most successful businessmen in music -- they have caused a few.

With huge financial success in touring, apparel and more, Jay Z's efforts in the hotel business were not met with as much good fortune. His proposed luxury hotel endeavor in New York City, J Hotels, failed to get off the ground.

The dive: Jay Z's company purchased a property in the Chelsea neighborhood in 2007 -- reportedly for a 150,000-square-foot luxury hotel -- but construction was halted in 2008 due to lack of funds caused by the recession. When the company defaulted on the $52 million loan used to purchase the property, the hotel partners eventually handed the property back to the lenders. The parties were also enmeshed in a legal battle over additional costs until settling out of court for undisclosed terms in December 2010.

Since then, things have turned around for Jay Z, at least financially. Forbes ranked him No. 6 on the "World's Most Powerful Celebrities" list after he earned $60 million in 2014. His diverse interests include a sports agency called Roc Nation Sports, nightclubs, cognac and, of course, his music.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Mom earns little from savings

Dear Senior Living Adviser, My mom lives on her Social Security income just fine but has around $100,000 sitting in a savings account! She does not want to take any risk. Any ideas? -- Deb Depositor Dear Deb, It's great... Read more

advertisement

Blog

Dr Don Taylor

The siren song of closed-end funds

Morningstar is reporting that the number of closed-end funds has shrunk over the past five years.  ... Read more

Partner Center
advertisement

Connect with us