Jay Z Spends $256 Million on Champagne

by on November 14, 2014

Jay Z has supposedly invested US$200 million (NZ$256 million) in a champagne company.

According to Forbes magazine, as of 2014 the 44-year-old Roc Nation founder has an estimated net worth of US$520 million.

And Page Six reports Jay Z dropped nearly half of his fortune for a stake in Armand de Brignac, a champagne manufacturer who is responsible for the opulent bubbly product Ace of Spades, which sells at US$225 (NZ$288) per bottle.

Apparently the hip-hop mogul has been telling his friends he spent $200 million while critics surmised he put in a much lower bid of between $25 million and $30 million.

Jay Z, who is married to pop icon Beyoncé Knowles, now has several alcoholic products in his financial portfolio. He is also owner D’Ussé, a brand of cognac.

Jay Z is known for jump-starting and supporting the careers of many of Hollywood’s hottest music superstars, like Rihanna, Big Sean, Calvin Harris and Rita Ora.

News of his recent acquisition of a stake in Armand de Brignac comes after rumours surfaced he broke ties with his longtime business partner, John Meneilly, in May.

But Jay Z is a business mastermind on his own right, seeming to always make money in innovative ways.

Jay Z released his 12th record Magna Carta Holy Grail in July 2013 and before the official launch he made the album available for free to millions of Samsung Galaxy Smartphone users.

The mogul made the announcement on a Samsung Galaxy television commercial, which featured the rapper collaborating with producers Timbaland, Pharrell Williams, Swizz Beatz and Rick Rubin.

In the advertisement he tells his peers, “We need to write new rules.”

Source: www.stuff.co.nz

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