Bad Celebrity Investments That We Remember
While the miracle of celebrity may increase the status related to certain people, this does not mean that everything celebs touch turns to gold. Here are a few bad celebrity investments that may make you feel better in the evening.
Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine called the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This renowned author, called 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 easily because the machine was hard to work with and had over 18,000 parts.
Jay-Z
Jay-Z's J Hotels in New York City turned out to be a serious 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 caused 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 December 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.
Larry King
A huge life insurance scam was put on King when he invested into two policies worth $15 million. He ended up only getting $1.4 million out of the sale.
Kevin Bacon and many more
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebrities. Now, all those investors are attempting to figure out how to proceed to make up for the lost cash.
Movie star investment
PoFolks was a restaurant chain opened in California, Texas and Florida by movie star Burt Reynolds. He is not the only film 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 despite the fact that he was over $10 million in debt.
The last poor investment
Debbie Reynolds decided she wanted to open a Las Vegas casino and hotel in 1991, although she did not realize that being off the strip would make it extremely hard to stay in business. It was called the Debbie Reynolds Hotel and Casino, but she wound up selling it for $10 million to the World Wrestling Federation in 1998 after a 1997 bankruptcy. She ended up broke, and was even more serious off when having to sell all her movie career memorabilia last year when her museum went bankrupt.
Mark Twain
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine called the Paige Compositor for 11 years. That was a ton of money back then to throw into an investment. This renowned author, called 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 easily because the machine was hard to work with and had over 18,000 parts.
Jay-Z
Jay-Z's J Hotels in New York City turned out to be a serious 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 caused 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 December 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.
Larry King
A huge life insurance scam was put on King when he invested into two policies worth $15 million. He ended up only getting $1.4 million out of the sale.
Kevin Bacon and many more
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebrities. Now, all those investors are attempting to figure out how to proceed to make up for the lost cash.
Movie star investment
PoFolks was a restaurant chain opened in California, Texas and Florida by movie star Burt Reynolds. He is not the only film 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 despite the fact that he was over $10 million in debt.
The last poor investment
Debbie Reynolds decided she wanted to open a Las Vegas casino and hotel in 1991, although she did not realize that being off the strip would make it extremely hard to stay in business. It was called the Debbie Reynolds Hotel and Casino, but she wound up selling it for $10 million to the World Wrestling Federation in 1998 after a 1997 bankruptcy. She ended up broke, and was even more serious off when having to sell all her movie career memorabilia last year when her museum went bankrupt.
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posted by Vittoria @ October 07, 2013
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