: MediaTakeOut.com earned that Hip-Hop mogul Jay-Z has scrapped plans for a Manhattan hotel. The rapper had plans to open the J Hotel, after the group bought a space at Tenth Avenue and West 21st street in December of 2007 for $66 million.
According to reports, Jay-Z turned the mortgage back to the lenders for $52 million - for a $15 million LOSS. The project also ran into troubles when Jay-Z filed a $3.7 million lawsuit against Highland Capital Management. Jay-Z claimed that he attempted to return the mortgage to Highland when the value of the property began to fall, and that the company's unresponsiveness cost him millions of dollars.
Well he said that "Unlike Hammer $30 million can't hurt him." With Beyonce's backing, he's probably right!!
One of the 48 laws of power is to MAINTAIN the image of power and success even if you're flat broke. And I still want to see them on that island Jay bought, see him driving that 2million dollar car and that 400 million dollar Vegas deal Beyta got going on. They sell MTO these bogus stories and the stand eat it right up! Ahh the power of illusion!
YOU PUT THIS SAME EXACT STORY UP ABOUT 6 MONTHS AGO MTO! Also, it's not about the money, ow'd about the principle. You ever heard that? You don't let people rob you just because you can afford it. I was in McDonalds and didn't get my correct change. I was sorted $5. My portfolio is nice, but did you think I was GIVING them $5 for free? No. I made them count their drawer down. Turns out the till was WAAAAAAY over. She was collecting holiday money.
I don't give a damn about Jay or Bey but if you are gonna RAM these two down our throats everyday, give us something other than speculation and hearsay. All I see is them walking with that weird "bodyguard", eating dinner with a bottle of hot sauce, staring robotically at nothing! They leak false rumors and feed off these blogs. Full of deceit,smoke and mirrors!
EvilAlex: The only way to make money in music today is to tour.
Ummm...didn't Bey just get off of a year long tour? And Jay is steady doing shows. He's a top of the line atraction and I doubt he will so much as scratch his ass on stage for less than $100,000 a show. I'm not saying their estimated earnings aren't exaggerated, but trust me, the Carters' are straight in the finances department. Maybe you need to spend less time hating on people you don't know and stfu and take notes!
Some of you are not money savvy, that 15 million did hurt him. You can 't loose 15 million and it don't make a impact, grow up people that why your aizzes are broke today.
When J make investments it not just his money, it's Beyonces money as well, they made a business arrangement when they got married.
15 million does matter dummys, it all matters.
and STOP saying oh well, "Beyonce has him covered", "she has money", "he's super rich he can afford to loose 15 million or 30 million", that is bullshyyit, if you keep loosing money, white folks won't back your aizz.
Jay Z got a big mouth and too sure of himself, he getting like 50cent. When it comes to business anything can happen especially in America. He only makes 30 million a year, excluding taxes. Which means he only takes in 17 million. So acourse losing 30 million can hurt his azz, don't be fooled by his mouth. Anytime you lose more than 10% of your annual income with 1 business move it hurts you.
Lmao@Clarkthink! The more you make, the more it costs you. A person could have made 70 g's last year! Just because they made it doesn't mean they have it! Jay is not exactly starving but he's no trillionaire that he pretends to be, feeding Mto all these lies! Now let me run before the stans get me! Have fun!
realdwn2erth It's called: Greed, and Showboating.. This is what happens when you're on top, and try to go even higher! Sorry, he's no; Bill Gates, or William Buffet.. Lmaooooo!!!!!
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LMAO @ this dumb fuk, your ignorance is scary! who the fuk is william buffet? LMA[SPAM] you can't even get your insults right so we KNOW you're broke
LMAO, who buys an EMPTY island and then spends 66 mil on vacant NY land to build on, and then wants to give the land back? Ummm DUH, no lender HAS TO ACCEPT the land back. Real businessmen just find a new developer. A smart businessman would build on the island he bought and call it a resort thus avoiding having to deal with a lender? Im just tryna decipher who's the bigger fool, him or mto...how about those NJ Nets!
Jay-Z reportedly lost 25% of his gross yearly income in one business deal and you idiots are saying that it doesn't hurt him. You try losing 25% of your income and see if it don't hurt you.
My hope for 2011 is that young black people would value education more than shaking their asses on video and rapping. You are being bamboozled.
WINS LOSSES, LIFE OF BOSSES. Thats how it goes for all Millionaire and billionaire investors. you will always carry a certain percentage of debt and you will always have losses. Donald Trump went from billions to bankruptcy back to billions. If you know how to make money you know how to make money, period. jay just cant lose his main assets. He has room to play. Keeping your money moving through the markets or investments is how the rich avoid taxes. your money sits and they tax the dog [EXPLETIVE] out of it.
