A
Chicago club that was supposed to open in 2009, hasn't. And the
80,000 square-foot Las Vegas club complete with 80 plasma TV's totally flopped. Closing in 2008 after only being in business eight months because people in the '
City That Never Sleeps' just weren't interested in it.
Jigga,
Will Smith and
Jada Pinkett invested
$1 million into the
Broadway music '
Felal' which has yet to turn a profit.
Then there's his stake in the lowly
New Jersey Nets. Jay-Z was among a group of investors that bought the club in 2004 for
$300 million. As it stands now six years later the club is worth only
$269 million.
His portfolio took another big hit when he lost
$50 million in bad hotel development projects, one in
Chelsea and the other in
New York's Meatpacking District.
He also found himself caught up in a potentially messy scandal involving
New York Governor David Paterson. Jay-Z's friendship with the Governor came into question after he invested
$2 million through his company
Gain Global Investments Network LLC, into the development of a "
racino" at the
Aqueduct Racetrack.
The
Feds started to investigate after rumors started to circulate that Jay-Z was given special favor by
Aqueduct Entertainment Group, the company picked by Governor Paterson to turn the aging track into a slick gaming venue. Jay-Z eventually walked away from the investment completely.
Unfortunately, Jay-Z's bad investments didn't end there according to the
Post.
He had two additional real estate deals go bad. Both in 2007, one in which he and his partners defaulted on a
$24 million dollar mortgage.
Things aren't all bad for Jay-Z though, he still controls a reported
billion dollar empire. His deal with
Roc Nation has been a winner and
Roc-A-Fella clothing line is still doing well.
Follow Me @
ChasinMoPaper
}