Celebrities are individuals, too. They make bad investments and drop cash like the rest of us. Here are a few bad celeb investments people remember.
How did Mark Twain invest?
One bad investment was made by the first modern celebrity in America, Mark Twain. During the last 19th century, he got a Paige Compositor that was intended to be a typesetter faster than the standard Linotype. It wound up not working well because it had over 18,000 parts and needed to be cared for too much. Over 11 years, Twain spent $150,000 to $300,000 on the machine, which was a lot of cash back in his day.
Hotels by Jay-Z
Jay-Z's J Hotels in New York City turned out to be a significant bust. The hip-hop mogul bought land in the Chelsea neighborhood in 2007 to build a 150,000-square-foot luxury hotel. By 2008, however, construction was shut down because of lack of funds brought on by the economic crash. Jay-Z's company defaulted on the $52 million loan, and the hotel partners gave the property back to the lenders. Legal battles and out-of-court settlements came to a painful yet unspecified financial end in Dec. 2010.
Enormous losses for Bono
The media and entertainment firm Elevation Partners is really managed by Bono. The website 24/7 Wall Street said that Bono is "The worst investor in America" when he only got a $25 million return on investments in Palm ($460 million) and Forbes, Inc. ($300 million). He was very profitable when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Idea Larry King had
A massive life insurance coverage scam was put on King when he invested into two policies worth $15 million. He wound up only getting $1.4 million out of the sale.
Kevin Bacon and many more
The Bernard Madoff $65 billion Ponzi scheme ended up stealing cash from over 200 investors, many of which were celebs. Many people are attempting to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Burt Reynolds
PoFolks was a restaurant chain opened in California, Texas and Florida by film star Burt Reynolds. He is not the only movie star who has tried to make this investment. He ended up going bankruptcy in 1996 after losing $15 million on the project and after getting divorced from Loni Anderson. Bankruptcy court let him keep all the property unclaimed by Anderson and his $2.5 million mansion in spite of the belief that he was over $10 million in debt.
Reynolds investment
In 1997, Debbie Reynolds would deal with her first bankruptcy due to a Vegas casino she decided to start in 1991. When she started the casino, known as Debbie Reynolds Hotel & Casino, she did not realize it would never get business by being off the strip. She ended up dealing with the bankruptcy and selling the hotel off for $10 million in 1998 to the World Wrestling Federation. Last year, she would also end up selling all things from her film career as her memorabilia museum would also go bankrupt.
How did Mark Twain invest?
One bad investment was made by the first modern celebrity in America, Mark Twain. During the last 19th century, he got a Paige Compositor that was intended to be a typesetter faster than the standard Linotype. It wound up not working well because it had over 18,000 parts and needed to be cared for too much. Over 11 years, Twain spent $150,000 to $300,000 on the machine, which was a lot of cash back in his day.
Hotels by Jay-Z
Jay-Z's J Hotels in New York City turned out to be a significant bust. The hip-hop mogul bought land in the Chelsea neighborhood in 2007 to build a 150,000-square-foot luxury hotel. By 2008, however, construction was shut down because of lack of funds brought on by the economic crash. Jay-Z's company defaulted on the $52 million loan, and the hotel partners gave the property back to the lenders. Legal battles and out-of-court settlements came to a painful yet unspecified financial end in Dec. 2010.
Enormous losses for Bono
The media and entertainment firm Elevation Partners is really managed by Bono. The website 24/7 Wall Street said that Bono is "The worst investor in America" when he only got a $25 million return on investments in Palm ($460 million) and Forbes, Inc. ($300 million). He was very profitable when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Idea Larry King had
A massive life insurance coverage scam was put on King when he invested into two policies worth $15 million. He wound up only getting $1.4 million out of the sale.
Kevin Bacon and many more
The Bernard Madoff $65 billion Ponzi scheme ended up stealing cash from over 200 investors, many of which were celebs. Many people are attempting to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Burt Reynolds
PoFolks was a restaurant chain opened in California, Texas and Florida by film star Burt Reynolds. He is not the only movie star who has tried to make this investment. He ended up going bankruptcy in 1996 after losing $15 million on the project and after getting divorced from Loni Anderson. Bankruptcy court let him keep all the property unclaimed by Anderson and his $2.5 million mansion in spite of the belief that he was over $10 million in debt.
Reynolds investment
In 1997, Debbie Reynolds would deal with her first bankruptcy due to a Vegas casino she decided to start in 1991. When she started the casino, known as Debbie Reynolds Hotel & Casino, she did not realize it would never get business by being off the strip. She ended up dealing with the bankruptcy and selling the hotel off for $10 million in 1998 to the World Wrestling Federation. Last year, she would also end up selling all things from her film career as her memorabilia museum would also go bankrupt.
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