Just because celebrities have plenty of money doesn’t mean they always make the wisest business decisions. Whether it is a pricey investment in a socially rejected gadget or simply a string of bad luck and misfortune, history (continues) to prove celebs are probably better off sticking to their day jobs and leaving business deals to the professionals. Below is a list of five celebrities who have fallen victim to bad investments:
Assessing the Damage: 50 Million — Mr. Carter and his company lost over $50 million when two of his hotel development projects in NYC went sour. One in Chelsea, the other located in the Meatpacking District of Manhattan, were each under development until funding dried up in 2008 and the hotel loans defaulted shortly after. Since Jay Z couldn’t pay the loans out, he then had to have a third-party purchase the deed of the skeleton hotel– OUCH.