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February 07, 2010
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Jay-Z Raps Hedge Fund Highland with Lawsuit Over Hotel Loan

by Andrew Hickey
Tags: jay-z, hotel, new york, real estate, travel  |
0Comments

Rapper and entrepreneur Jay-Z is used to battling on the stage with fellow rappers. But the hip-hop superstar is facing a whole new challenge as he filed a lawsuit against investment firm Highland Capital Management over a 2007 loan to help him build the "J Hotel" on Manhattan's West 21 street wound up costing him millions.

 

Jay-Z, a.k.a. Shawn Carter, claims that when the value of the building's property fell due to the real-estate crash, he tried to return the $52 million loan to Highland in order to avoid repossession.

 

However the company's slow response time wound up costing Carter millions. The lawsuit seeks $3.7 million in damages and claims that Highland improperly diverted funds meant for a reserve account.

 

Highland fired back about Carter's claims and said they are “meritless,” and that the 40-year old rap mogul's loan remains in default.

 

Source: BBC News

Image: Wikimedia

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