While the magic of celebrity may elevate the status attributed to specific people, this does not mean that everything celebs touch turns to gold. Here are some bad celeb investments that may make you feel better during the night.
All about Mark Twain
A renowned 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 cash 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.
Investment from Jay-Z
Jay-Z's J Hotels in New York City turned out to be a significant 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 due to lack of funds caused by the economic crash. Jay-Z's business 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
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 successful when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Enormous Larry King investment
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million regardless of the belief that he gave up two policies worth $15 million.
Everyone associated with Madoff
The Bernard Madoff $65 billion Ponzi scheme ended up stealing money from over 200 investors, many of which were celebrities. A lot of people are trying to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Poor investment from Burt Reynolds
The most popular movie star of the 1970s, Burt Reynolds ended 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 hadn't already claimed.
The last bad investment
Classic Hollywood film star and Las Vegas fixture Debbie Reynolds bought a Vegas casino in 1991. She christened it the Debbie Reynolds Hotel & Casino but neglected to anticipate just how much trouble the hotel would have maintaining business because it was located off the strip. A 1997 bankruptcy and sale of the hotel to the World Wrestling Federation in 1998 for $10 million left Reynolds broke and heartbroken. She would experience such grief again in 2010 when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her movie career.
All about Mark Twain
A renowned 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 cash 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.
Investment from Jay-Z
Jay-Z's J Hotels in New York City turned out to be a significant 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 due to lack of funds caused by the economic crash. Jay-Z's business 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
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 successful when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Enormous Larry King investment
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million regardless of the belief that he gave up two policies worth $15 million.
Everyone associated with Madoff
The Bernard Madoff $65 billion Ponzi scheme ended up stealing money from over 200 investors, many of which were celebrities. A lot of people are trying to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Poor investment from Burt Reynolds
The most popular movie star of the 1970s, Burt Reynolds ended 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 hadn't already claimed.
The last bad investment
Classic Hollywood film star and Las Vegas fixture Debbie Reynolds bought a Vegas casino in 1991. She christened it the Debbie Reynolds Hotel & Casino but neglected to anticipate just how much trouble the hotel would have maintaining business because it was located off the strip. A 1997 bankruptcy and sale of the hotel to the World Wrestling Federation in 1998 for $10 million left Reynolds broke and heartbroken. She would experience such grief again in 2010 when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her movie career.
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