Celebrities are individuals, too. They make poor investments and drop cash like everyone else. Here are a few bad celeb investments individuals remember.
Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This famous writer, known as the first modern celebrity in America by some, wanted this typesetter that was intended to be much faster than standard Linotype. The business perished pretty quickly since the machine was hard to work with and had over 18,000 parts.
Hotels by Jay-Z
The big investment mistake made by Jay-Z would not totally end until December 2010 when out-of-court settlements and legal battles finally ended. He bought land to produce a luxury hotel in New York City. The hotel was going to be 150,000 square feet and would be for luxury guests in the Chelsea neighborhood. He started the project in 2007 right before the economic crash. He ended up defaulting on the $52 million loan and shut down the project due to lack of funds. Hotel partners had to give the lender the property back.
Bono not making an investment wisely
The U2 front male is a managing director for the private media and entertainment equity firm Elevation Partners. After making a killing with investments in Yelp, Facebook and video game companies BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into large losses. Ultimately, Elevation's return on those investments was only $25 million, which was enough to convince the site 24/7 Wall Street that Bono is "the worst investor in America."
Idea Larry King had
Talk show host King became embroiled in a life insurance scam that involved flipping policies for profit. King gave up two policies worth a total of $15 million, but only made back $1.4 million on the sale.
Bernie Madoff scam
The Bernard Madoff $65 billion Ponzi scheme wound up stealing cash from over 200 investors, many of which were celebrities. A lot of people are trying to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Another bad investment from a movie star
The most popular film star of the 1970s, Burt Reynolds ended up handling the urge many celebs face: opening a restaurant chain. The chain was PoFolks, and outlets existed in California, Texas and Florida. By the late 1980s, however, the cupboard was bare and Reynolds was out $15 million. His eventual divorce from Loni Anderson and diminished star power led to a 1996 bankruptcy. Even though he was more than $10 million in debt, bankruptcy court allowed him to keep his $2.5 million mansion and all of his personal property that Anderson hadn't already claimed.
Reynolds investment
Classic Hollywood movie star and Las Vegas fixture Debbie Reynolds purchased a Vegas casino in 1991. She christened it the Debbie Reynolds Hotel & Casino but neglected to anticipate just how much trouble the accommodation would have maintaining business because it was located off the strip. A 1997 bankruptcy and sale of the hotel to the World Wrestling Federation in 1998 for $10 million left Reynolds broke and heartbroken. She would experience such grief again last year when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her movie career.
Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This famous writer, known as the first modern celebrity in America by some, wanted this typesetter that was intended to be much faster than standard Linotype. The business perished pretty quickly since the machine was hard to work with and had over 18,000 parts.
Hotels by Jay-Z
The big investment mistake made by Jay-Z would not totally end until December 2010 when out-of-court settlements and legal battles finally ended. He bought land to produce a luxury hotel in New York City. The hotel was going to be 150,000 square feet and would be for luxury guests in the Chelsea neighborhood. He started the project in 2007 right before the economic crash. He ended up defaulting on the $52 million loan and shut down the project due to lack of funds. Hotel partners had to give the lender the property back.
Bono not making an investment wisely
The U2 front male is a managing director for the private media and entertainment equity firm Elevation Partners. After making a killing with investments in Yelp, Facebook and video game companies BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into large losses. Ultimately, Elevation's return on those investments was only $25 million, which was enough to convince the site 24/7 Wall Street that Bono is "the worst investor in America."
Idea Larry King had
Talk show host King became embroiled in a life insurance scam that involved flipping policies for profit. King gave up two policies worth a total of $15 million, but only made back $1.4 million on the sale.
Bernie Madoff scam
The Bernard Madoff $65 billion Ponzi scheme wound up stealing cash from over 200 investors, many of which were celebrities. A lot of people are trying to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Another bad investment from a movie star
The most popular film star of the 1970s, Burt Reynolds ended up handling the urge many celebs face: opening a restaurant chain. The chain was PoFolks, and outlets existed in California, Texas and Florida. By the late 1980s, however, the cupboard was bare and Reynolds was out $15 million. His eventual divorce from Loni Anderson and diminished star power led to a 1996 bankruptcy. Even though he was more than $10 million in debt, bankruptcy court allowed him to keep his $2.5 million mansion and all of his personal property that Anderson hadn't already claimed.
Reynolds investment
Classic Hollywood movie star and Las Vegas fixture Debbie Reynolds purchased a Vegas casino in 1991. She christened it the Debbie Reynolds Hotel & Casino but neglected to anticipate just how much trouble the accommodation would have maintaining business because it was located off the strip. A 1997 bankruptcy and sale of the hotel to the World Wrestling Federation in 1998 for $10 million left Reynolds broke and heartbroken. She would experience such grief again last year when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her movie career.
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