Seems not everything the “Big Pimpin” rapper touches turns to gold. Jay-Z, whose real name is Shawn Carter, filed a $3.7 million lawsuit accusing a bank and investment company of owing him money on his New York hotel development.
Jay-Z had his sights on the J Hotel, a luxury development in Manhattan, that his company bought for $66 million in 2007. WENN Entertainment News reports the rapper obtained a $52 million loan that was assigned to investment managers Highland Capital Management LP and serviced by NexBank SSB, the two businesses named in the lawsuit.
Citing economic issues, the partners failed to pull in investors, resulting in a shortfall of funds. The 10-time Grammy winner came to the rescue and offered the land back to Highland rather than face foreclosure. However, it seems Highland didn’t jump at the opportunity, which resulted in interest and personal costs on the loans – a debt now owned by Jay-Z.
Court documents claim that Highland improperly diverted funds in an effort to garner more money from the music-mogul. Jay-Z is seeking $3.7 million in damages. We’re not sure how this one will end, but we’re hoping there’s a song in it somewhere…