Luxe Life

Jay-Z's J Hotels Construction on Hold

By Kimberly Castro

Posted: December 31, 2008

Hip-hop mogul Jay-Z has been stung by the recession. The hit maker sank money into J Hotels, acquiring a $66 million plot to build a luxury hotel in New York City. The purchase included the property plus air rights. Construction on the venture has been halted because of a serious lack of funding. One of Jay-Z's partners, Charles Blaichman, told the New York Times, "Even the banks who want to give us money can't."

Jay-Z also recently sold his Rocawear clothing line to Iconix Brand Group for over $200 million.

f*ck the banks

In these days you gota say f*ck the banks, OPM is where its at. This however, requires a business model that has been tested and has the ability to be proven.

Jamin Stocker of TX @ Jun 28, 2009 15:42:42 PM

The Truth?

You never sink all of your money or most of your money into one project. Your large business entities and extremely wealth people spread the wealth out in investments that offer a decent return and play it safe. Jay Z's value is not liquid. That would be retarded. When somebody is worth over 400 million that doesn't mean they have 400 million dollars in a bank sitting somewhere waiting to be pulled out. That doesn't mean he has 2 million just lying around. 66m is a huge chunk of change even for somebody who is worth 400 million. This is where banks and investing partners come into play...you leverage your money by putting the most amount in to maxmize your return but the least amount possible minimizing your risk. in the process keeping the rest of your money safe. If the project falls through or goes belly up 1/8th of your life savings isn't on the line.

In the commercial world right now nobody is playing ball on a big scale. Everybody is talking about it but the economy is on the edge of a cliff and the major players are ALL looking to see what is going to happen next. Nobody wants to partake in anything large because they are scared.

I have shown some of the greatest and largest projects that offer the most potential for return on money in America to some of the wealthiest companies and investment groups. The truth is that although they can salivate all they want the money is not there because the people holding it are to scared to move it.

I'm sure he is feeling the pressure but by not making a risky move to throw a ton of money into something all on your own is the way he is going to ensure his survival through one of the most trying times we have seen.

unknown of FL @ Feb 20, 2009 13:08:39 PM

25th Anniversary ofThe "Dunkadelic-Era" In America, 1984-2009

The basketball and hip-hop culture fusion born in 1984 is known now as The "Dunkadelic-Era" In America, 1984-Present. The "Dunkadelic-Era" will be celebrating its 25th Anniversary during the year 2009 (1984-2009). The "Dunkadelic-Era" is the first and only sport-and-music defined time period in American history. The 5 following events in 1984 led to the birth of The "Dunkadelic-Era".

1. The NBA first introduced the Slam Dunk Contest to All-Star Weekend on January 28, 1984. Larry Nance defeated Dr. J to win the Slam Dunk Championship.

2. David Stern was announced as the 4th NBA Commisioner on February 1, 1984.

3. Rick Rubin and Russell Simmons formed Def Jam Records in March 1984. Def Jam remains the #1 hip-hop label in the industry. Kurtis Blow the hip-hop pioneer releases the hit rap song 'Basketball' from the Ego Trip album.

4. The Fresh Fest was the first major hip-hop concert tour featuring Kurtis Blow, RUN-DMC, Whodini, Newcleus, and the Fat Boys. The tour had 27 stops earning more than 3.5 million dollars.

5. Michael Jordan was selected by the Chicago Bulls with 3rd pick of the 1984 NBA Draft on June 19, 1984. Jordan would sign with Nike and produce the "Air Jordan" sneakers that would later become symbols of fashion within the hip-hop culture.

Bonus Events:

John Thompson the Hall-of-Fame coach would become the first African-American Division 1 college basketball coach to win an NCAA Championship. He led the Georgetown Hoyas with star center Patrick Ewing over the Houston Cougars 84-75 on April 2, 1984.

NBA current stars Carmelo Anthony, Chris Bosh, Andre Iguodala, LeBron James, Nate Robinson, Brandon Roy, and Deron Williams were all born in 1984. Carmelo is the new-face of the Jordan Brand, and LeBron wears the #23 just as Jordan. Andre Iguodala the hi-flyin' forward of the Philadelphia 76ers was born the same day of the first NBA Slam Dunk Contest January 28, 1984.

Happy 25th Anniversary to The "Dunkadelic-Era" In America, 1984-2009.

Derrick E. Vaughan of MD @ Jan 11, 2009 05:41:07 AM

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Luxe Life

Luxury is no longer the sole province of the elite. Upscale goods and services now target a much broader market. Kimberly Castro, deputy business editor of U.S.News & World Report, takes a look at the luxe life, from fine wines and cars to high-end real estate and wealth management. Though no elitist, Kim does admit a fondness for a bold bottle of Scout's Honor from Venge Vineyards and satiating her wanderlust in Europe.

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