Celebrities are individuals, too. They make bad investments and drop cash like everyone else. Here are some bad celeb investments people remember.
Mark Twain
One poor investment was made by the first modern celebrity in America, Mark Twain. In the last 19th century, he got a Paige Compositor that was supposed to be a typesetter faster than the standard Linotype. It ended 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 money back in his day.
Jay-Z
Jay-Z's J Hotels in New York City turned out to be a major 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 Dec. 2010.
Bono
Bono was very successful in his investments with Facebook, BioWare, Pandemic Studios and Yelp. The only problem was that his confidence grew into investments in Forbes, Inc. ($300 million) and Palm ($460 million). These investments only brought a $25 million return for Bono, and he was called "the worst investor in America" by 24/7 Wall Street. He is the managing director for entertainment equity firm Elevation Partners presently.
Larry King
A huge life insurance coverage 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.
Everyone involved in Madoff
The Bernard Madoff $65 billion Ponzi scheme ended up stealing money from over 200 investors, many of which were celebs. A lot of people try to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Film 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 wound 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 fact that he was over $10 million in debt.
Debbie Reynolds
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 impossible to stay in business. It was known as 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 worse off when having to sell all her movie career memorabilia last year when her museum went bankrupt.
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