While the magic of celeb may elevate the status related to specific people, this does not mean that everything celebs touch turns to gold. Here are some bad celebrity investments that may cause you to feel much better in the evening.
Mark Twain investment
A well-known author and humorist who has been known as America's first modern celebrity, Mark Twain spent $150,000 to $300,000 (a huge amount of money back then) over 11 years during the late 19th century on a machine known as the Paige Compositor. This was a typesetter that was said to be faster than standard Linotype. Unfortunately, the machine had more than 18,000 parts and needed constant care, so the business passed away.
Poor Jay-Z investment
Another example of a very poor investment was when Jay-Z decided to put up a 15,000-square-foot luxury hotel in the Chelsea neighborhood in 2007. He got a $52 million loan, and ended up not being able to pay it when the economy crashed in 2008. He defaulted on the loan, and the lender got the land back. The construction as never finished. It wasn't until Dec. 2010 that the whole ordeal was over with out-of-court settlements.
The Bono investment
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 businesses BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into enormous 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."
Investment decision from Larry King
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million despite the truth that he gave up two policies worth $15 million.
Kevin Bacon and many more
More than 200 investors, such as celebrities were taken in by Bernard Madoff's $65 billion Ponzi scheme. Madoff is now in jail serving 150 years for 11 federal felonies, while celebrities and lower-profile investors are still trying to find ways to make up for their sizable financial loss.
Movie star investment
The most popular film star of the 1970s, Burt Reynolds wound up handling the urge many celebrities 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 had not already claimed.
Reynolds 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 impossible to stay in business. It was known as the Debbie Reynolds Hotel and Casino, but she ended 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 film career memorabilia last year when her museum went bankrupt.
Mark Twain investment
A well-known author and humorist who has been known as America's first modern celebrity, Mark Twain spent $150,000 to $300,000 (a huge amount of money back then) over 11 years during the late 19th century on a machine known as the Paige Compositor. This was a typesetter that was said to be faster than standard Linotype. Unfortunately, the machine had more than 18,000 parts and needed constant care, so the business passed away.
Poor Jay-Z investment
Another example of a very poor investment was when Jay-Z decided to put up a 15,000-square-foot luxury hotel in the Chelsea neighborhood in 2007. He got a $52 million loan, and ended up not being able to pay it when the economy crashed in 2008. He defaulted on the loan, and the lender got the land back. The construction as never finished. It wasn't until Dec. 2010 that the whole ordeal was over with out-of-court settlements.
The Bono investment
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 businesses BioWare and Pandemic Studios, later investments in Palm ($460 million) and Forbes, Inc. ($300 million) turned into enormous 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."
Investment decision from Larry King
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million despite the truth that he gave up two policies worth $15 million.
Kevin Bacon and many more
More than 200 investors, such as celebrities were taken in by Bernard Madoff's $65 billion Ponzi scheme. Madoff is now in jail serving 150 years for 11 federal felonies, while celebrities and lower-profile investors are still trying to find ways to make up for their sizable financial loss.
Movie star investment
The most popular film star of the 1970s, Burt Reynolds wound up handling the urge many celebrities 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 had not already claimed.
Reynolds 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 impossible to stay in business. It was known as the Debbie Reynolds Hotel and Casino, but she ended 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 film career memorabilia last year when her museum went bankrupt.
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