: We know that the millions of Jay Z fans AREN'T gonna like hearing this, but word on the streets is that dude has been making a SERIES of terrible business decisions - and has lost MILLIONS because of it.
According to MediaTakeOut.com’s pals over at the NY Post, Jay Z is losing MILLIONS of dollars from bad investments. And they listed his recent business FAILURES:
40/40 Club: - Clubs in NYC, Atlantic City. The Las Vegas club, at 24,000 square feet, opened in the hotel-casino Palazzo in January 2008, with more than 80 plasma TVs. It closed eight months later when, after disappointing traffic, Jay-Z sold the lease back to the hotel. It was tuned into a race and sports book, with a specialty restaurant.The paper does say that Jay has made some good business deals, like his LiveNation Deal and his sale of Rocawear. While it’s publicly been stated that the two deals brought in $250 million a MediaTakeOut.com insider said that both deals COMBINED brought Jay Z approximately $40 million (still a very respectable number in this economy).NJ Nets: -Paid $4.5M in December 2004 for a minority stake in the team. Sale price of $300M means he owns 1.5%. Forbes valued the team at $269M this season, down 9% from the previous season. Operating deficit of 13.9M. In 2004, Team owner Bruce Ratner said he wanted to have team in Brooklyn for the 2006-07 season but 2012 looks more promising.
Gain Global Investments Networks: -Company owns a 7 percent stake in the group that was chosen and then lost a deal to develop a Racino at Aqueduct Racetrack. Jay-Z owns a 28.6 percent stake in AEG.
NYC Real estate:
345 West 14th St.: part of a group that borrowed $30M to buy Meatpacking District building for development. Plans went south during recession. Sold loan for $19.5M. 510 West 22nd St.: In August 2007, a company he controlled borrowed $52M to purchase the land in order to develop a luxury J Hotel. Walked away from the project and loan during the recession. Sued lender, Highland Capital, for “bleeding” him of interest payments.
These devil worshipping goons need to remember that the devil only want you while your living the good life...once you go down he kicks you off the curb. All of Jay-z and Beyonce's wrong doings will catch up with them because at the end the world has only one ruler and he is JESUS CHRIST ALMIGHT!!! can I hear an AMEN
GREED!
HAD MILLIONS WANT TO DEAL WITH THE DEVIL AND GAVE HIS DOUGH RIGHT BACK TO WHITE FOLKS...
FUNNY YA'LL ROLE MODELS ARE JUST DUMB [EXPLETIVE]!!!!
ALL OF OUR ARTIST WILL FALL TO THE SAME.. MOST FOLKS GET RICH TO NOT HAVE TO WORK.. THESE FOLKS GET RICH AND WON'T STOP AND WONDER WHY SOMETHING LIKE THIS HAPPENED.
BLACK FOLKS TUCK ON WHITE MAN GREED!!!!! WE KNOW BETTER!!
HELL I WANT TO GET RICH AND NOT SLAVE OR WORK FOR WHITE COMPANY EVER.
THESE FOLKS GET RICH AND ARE STILL SLAVES TO WHITE MAN MONEY! GOT TO REPORT TO DUTY , DO CONCERTS.
ALL OUR CELEBS GIVE $ RIGHT BACK TO WHITEY!!
Does anyone recall when Donald Trump took a huge loss in the beginning of the recession?? Thats the nature of the beast when you invest large sums of money into any project. At one point 5 years ago the 40/40 club in Vegas was doing very well but when people stopped traveling less he took a hit....as many investors & developers did. So to all those that really want to see him fall...not this time folks, sorry to waste your time. MEN LIE, WOMEN LIE....HIS BANK ACCOUNT DOESN'T!!
Its really sad how people hold on to one specific rumor as if its law. And all this about Black celebrities being sell outs and White man worshippers....you sound bitter, jealous and delusional. Next time you punch in at your job consider that you're doing the exact same thing....except for A LOT less pay. I know...such a bitter pill to swallow. Anything to hate a particular rapper, actress/actor, singer. You people need a more exciting life.
If you guys are asking the question - I doubt it. If he were going broke - you'd be telling us instead of asking us. Everybody is losing something in the recession. The more you spend the more you lose. You really have to be careful out here,today. Too much shadiness going on, too, even with trusted companies. Black people expect to be robbed by each other, not trusted banks, etc. Too bad, we still have noticed we've been being ROBBED for a LONGGGGGGGGGGGGGG time.
Hova = GOD and there is only one. So who do you think is going to fall.
I believe this and I also believe he was in financial trouble which is why he got married. That's why you haven't seen him with Matthew, because Matthew knew he was in trouble too. He never would have gotten married if he was still on top.
@fabuloussweetie...Night clubs are a risky investment to begin with. Regardless of how long it took it to fail he still isn't hurting. His loss isn't even close to what he's gained since then. So really the whole "going broke" thing is just a figment of the Haters' imaginations.
@ChiHop....That may be true but I do recall when my family and I went to Vegas (again this was 5 years ago though) some of us tried to get in. It was packed so we were turned away. So I figured it had done well and was shocked when I found out it closed. Pure & Tao have the Vegas strip club scene on lock!! Lol
when has 40 million dollars been considered broke he owned percentages of those companys so when it says a group paid 30 million he didnt pay the full 30 million this is the most funniest post ive seen they trying to say a [EXPLETIVE] Who Has a 4x platinum song who owns all of his publishing and who also gets like 250,000 a show is broke My question is how much is in your poccets if you look at TMZ Bank account i bet its bigger than MTO'S
and the Nets thats not a lost becuz the point is that they succed this year nobody is going to go watch a Team that can only win 12 games but next season them seats going to be filled They talking about Lebron going to the Nets and we all Know John Wall is going to the Nets so Nets is going to pull in a b ig profit next year even if they dont make the playoffs and they are in a new stadium which has lower costs than their previous arenas
i would NEVER invest in a nightclub i hate clubs now anyway too many knuckleheads everybody just trying to get laid lol it"s other places to meet folks i"ve seen too many fights and/or shoot outs in clubs not just chicago either oakland,l.a.,san francisco to even overseas lol ala military fugg a club it"s fine azz intelligent women in bookstors yeah muthuphukkas the BOOKSTORE the gym,t park,bowling alley,self defense classes, etc etc and not everybody chasing the same females either lol
not surprised, he said on his album he lost millions on bad business deals. Hey now he see the Devil is a Liar. Jay Z has never been the richest rapper, nor do I think he make more than Beyonce. But people assume he is cause he talk a lot. Now lets watch Eminem go south. However for some reason him going completely broke would be very amazing to me.
They going by his buissness statistics but he aint opening up his bank account books for yall to see wat he deposits or wat hes saving..alot of people file bankrutpcy to protect theyre money and kee the goverment from taking it and then they ly about wear they get some of theyre money when they are tested....No one knows how much jays worth and shyt he's a top dog so this story was kinda a waist
WTF ARE YALL TALKING ABOUT...40 40 CLUB IN NYC WAS JUST NAMED ONE OF THEE MOST SUCCESSFUL SPORTS BARS, HE ALSO CO-OWNS A SPOT WITH BONO AND THE 40/40 IN VEGAS HE SOLD BECASUE THEY COULNT GET THE GAMBLIN LICENSE,BUT THEy MADE A HELL OF A PROFIT FROM THAT DEAL...MTO YALL SHOULD START USING THE WORD ALLEGEDLY ALOT..BECASUE IF PEOPLE TOOK YOU GUYS SERIOUS YOU WOULD BE OUTTA BUSNIESS WITH ALL THE BS NEWS AND GOSSIP YALL REPORT....SMH
What happened Jay? I thought you were supposed to be such a "shrewd" business man? Jay-Z is just "broke" in the sense that he is not as wealthy as he used to be. But hey, 40 million dollars is nothing to sneeze at. Just get it together Jay! You have to stay on your game. You know once you start messing up with the "elite", they'll come for you.
This is why Negros will always be considered Negros....
For all of you brain midgets on here that think that this man can't go broke, I have some, and I'm in no way saying that this is the case, but I have some well needed education for you all.
Multi Billionaires have gone worse than broke, and this man here is no where near billionaire status. This is not hate, this is fact.
Going bust can happen to anyone if they are not careful.
Lesson over......Artofwar
"I got the baddest chick wearing my chain" always remember that....he good!!! Jay not only has common sense he has street sense, so while mediatakeout is jst reporting this, jay prob already knew these deals were going south so in his own words "on to the next, now FREEZE SOMEBODY BRING ME THE MONEY PLEASE"
I don`t care what the paper says Jay is worth more money than whats known! And real self respecting black man is not going to give all of his real financial statements to a paper to publish! And eveything they have talked about he might have dealt with there was money lost but broke? I don`t think so! Broke is being a single mother of three making less than 25k a year! With over 7k in medical debit! With a life style of at least 30k! Ten thousand per child & thats on a bare nessesities lifestyle!
@ PlainJane74
I hope you feel better getting that off your chest. When you get through, there are still some people in the world who do not worship money and don't have a problem with not being rich. When you worship the wrong things, you can't be surprised by what happens. It's not hate, baby, it just may be the principle or lack of thereof, of how some of these celebrities obtain ALL of their material wealth.
Do I believe Jay broke? hell no!!! Am I celebrating because he isn't? hell no
Doesn't make me a hater. The opposite of love is not hate, it's indifference.
Carry on
