Jay-Z loses millions on real estate deal
Jay-Z is on the verge of losing $100 million in 2008 due to economy.
Jay-Z and his real estate partner are not immune to economic woes as their $66 million New York City hotel project has been “frozen” indefinitely for lack of funding.
Reportedly, Jay-Z has already put untold millions into the project that is now on the verge of going deeper into debt.
Sources claim that the mega rap star has canceled a series of “high dollar” development deals due to the fear of losing more than $100 million in 2008.
Nevertheless, Jay-Z’s financial situation hasn’t stopped the lyrical accolades from occurring as the “King of New York” has been nominated for six nominations at the upcoming Grammy Awards ceremony in California.
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Pro's comment says
On January 1, 2009 at 12:05 amnow is when i’ll gain respect for the boy. if he can pull himself out of this slump he’s official. When you start loosing money on your investments and pull yourself out is the sign of a true business Guru. Say, can you tell Im still a big Trump Fan. lol