News »
Gigwise RSS Feeds Bookmark and Share

Jay-Z Sues Investment Firm Over $52million Hotel Loan

To build a New York hotel...

February 04, 2010 by Jason Gregory | Photo by WENN.com
Jay-Z Sues Investment Firm Over $52million Hotel Loan Add to My Fav Bands List
Share

Jay-Z has filed a lawsuit against an investment company who loaned him $52million to build a hotel in New York City.

The property, to be called the J Hotel, was due to be built in Manhattan's West Chelsea neighbourhood.

But building work was put on hold last year following the real-estate crash and other financial troubles.

According to the lawsuit, Jay-Z, who is one of three guarantors on the loan, then tried to give the money back.

But, the rapper claims, Highland Capital Management failed to expedite the process, costing him thousands in interest as the loan accrued $20,000 a day.

Jay-Z is seeking $3.7million in damages from the company, reports the Wall Street Journal.

A spokesperson for Highland Capital Management called the rapper's claims “meritless” and vowed to “vigorously defend itself”.

Jay-Z live

Previous Next

 characters left [+]  


Register now and have your comments approved automatically!

  • RT @Gigwise: PHOTO FUN: @Muse, Blink-182, Metallica - Drummer Sex Faces! - http://tinyurl.com/yb32ck8
    charamaroo on Wed Feb 10 11:48:15 via Seesmic
  • RT @Gigwise The View's Kyle Falconer To Play Acoustic Gig At Dyslexia Event In Liverpool: Later this month... http://schmap.it/7YoTzn <--MAP
    LondonNow on Wed Feb 10 11:21:30 via Schmap
  • OK, I'm definitely going now! RT @Gigwise The Wombles 'In Talks To Play Glastonbury Festival 2010': http://tinyurl.com/y97hakp
    disco_di on Wed Feb 10 10:38:12 via web
  • @Gigwise Terrible news about the Kaisers.
    melissacarissa on Wed Feb 10 10:09:26 via web
  • @rickontour This the Radio 1 thing you meant t'other day? RT @Gigwise: Boredom Has Made Kaisers Hungry Again http://tinyurl.com/ykwp76u
    leeLUFC on Wed Feb 10 10:09:13 via web
Artist A-Z   # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z