While the magic of celebrity may elevate the status attributed to specific individuals, this does not mean that everything celebrities touch turns to gold. Here are some bad celebrity investments that may cause you to feel better in the evening.
Mark Twain investment
A famous author and humorist who has been known as America's first modern celebrity, Mark Twain spent $150,000 to $300,000 (a massive amount of cash back then) over 11 years during the late 19th century on a machine called 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 died.
Jay-Z
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 wound 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 was not until December 2010 that the whole ordeal was over with out-of-court settlements.
Making an investment mistake from Bono
The media and entertainment firm Elevation Partners is really managed by Bono. The site 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.
Investment decision from Larry King
A massive life insurance coverage scam was put on King when he invested into two policies worth $15 million. He wound up only getting $1.4 million out of the sale.
Everybody involved in Madoff
The Bernard Madoff $65 billion Ponzi scheme ended up stealing money from over 200 investors, many of which were celebs. A number of people are attempting to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Burt Reynolds
Bert Reynolds really struggled after his film star days. He decided to put $15 million into the restaurant chain PoFolks. He started this restaurant in Texas, Florida and California. It passed away off, as would be expected, and he lost everything in the divorce with Loni Anderson. He wound up going bankrupt in 1996, which did not hurt too badly considering he was able to keep all property he owned that was not already claimed by Anderson such as a $2.5 million mansion. This was in spite of the fact that he actually owed $10 million at the time.
Reynolds investment
Classic Hollywood movie 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 last year when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her film career.
Mark Twain investment
A famous author and humorist who has been known as America's first modern celebrity, Mark Twain spent $150,000 to $300,000 (a massive amount of cash back then) over 11 years during the late 19th century on a machine called 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 died.
Jay-Z
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 wound 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 was not until December 2010 that the whole ordeal was over with out-of-court settlements.
Making an investment mistake from Bono
The media and entertainment firm Elevation Partners is really managed by Bono. The site 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.
Investment decision from Larry King
A massive life insurance coverage scam was put on King when he invested into two policies worth $15 million. He wound up only getting $1.4 million out of the sale.
Everybody involved in Madoff
The Bernard Madoff $65 billion Ponzi scheme ended up stealing money from over 200 investors, many of which were celebs. A number of people are attempting to make up for the financial loss now that Madoff is in jail serving 150 years for 11 federal felonies.
Burt Reynolds
Bert Reynolds really struggled after his film star days. He decided to put $15 million into the restaurant chain PoFolks. He started this restaurant in Texas, Florida and California. It passed away off, as would be expected, and he lost everything in the divorce with Loni Anderson. He wound up going bankrupt in 1996, which did not hurt too badly considering he was able to keep all property he owned that was not already claimed by Anderson such as a $2.5 million mansion. This was in spite of the fact that he actually owed $10 million at the time.
Reynolds investment
Classic Hollywood movie 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 last year when her memorabilia museum also went bankrupt, forcing her to sell off the trappings of her film career.
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