*The New York Post has a story pointing out Jay-Z’s investment woes due to the “Great Recession” of 2009/10.
* Two Manhattan hotel development projects, one in Chelsea and the other in the Meatpacking District, fizzled out this year, costing Jay-Z and a company he controls about $50 million.
* His almost 7-year-old 40/40 Club franchise, while still successful overall, has taken a few lumps as the 80,000-square-foot Las Vegas edition, with its 80-plus plasma TVs, was closed in late 2008 after just eight months in business — a victim of low attendance. Plus, a Chicago club, first expected to debut in 2009, is still not open.
* In March, he walked away from a reported $2 million investment in the Aqueduct Entertainment Group, an entity selected to develop a “racino” at Aqueduct Racetrack. He bailed after federal and state authorities started to investigate potential corruption in the selection process.
*An investment alongside Will Smith and Jada Pinkett Smith in “Fela!”, the critically acclaimed Broadway musical, has yet to turn a profit — but it could, theater-watchers say, especially if Jay-Z starts getting out in front of it and markets it the way Elton John is always promoting his 2008 hit “Billy Elliott.” The trio invested a total of about $1 million in “Fela!,” which garnered 11 Tony award nominations.
* Plus, there is his 1.5 percent stake in the New Jersey Nets which has performed as poorly as the team since he bought it in 2004. Jay-Z was among the group that purchased the team for $300 million — but it’s now worth $269 million, a drop of 10 percent.
Despite the financial setbacks, the rap mogul still maintains a $1 billion empire, and his business remains strong in core music and apparel retail sales, which will likely bring in 10 figures this year. His Rocawear brand, for example, has been a big seller this spring, the paper notes. Read the entire story here.
As previously reported, in June Jay-Z will release a new line of headphones with Skullcandy called the Roc Nation Aviator.