Celebs are people, too. They make poor investments and lose cash like everyone else. Here are a few bad celeb investments people remember.
How did Mark Twain invest?
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a lot of money back then to throw into an investment. This famous author, known as the first modern celebrity in America by some, wanted this typesetter that was supposed to be much faster than standard Linotype. The business died pretty quickly because the machine was hard to work with and had over 18,000 parts.
Not the very best with Jay-Z hotels
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.
The Bono investment
The media and entertainment firm Elevation Partners is actually 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 profitable when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Huge Larry King investment
Talk show host King became embroiled in a life insurance scam that involved flipping policies for profit. King gave up two policies worth a total of $15 million, but only made back $1.4 million on the sale.
Everybody involved in Madoff
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebs. Now, all those investors are trying to determine how to proceed to make up for the lost cash.
Another poor investment from a film star
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 ended 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 really owed $10 million at the time.
Just one more from Debbie Reynolds
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 accommodation 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.
How did Mark Twain invest?
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine known as the Paige Compositor for 11 years. That was a lot of money back then to throw into an investment. This famous author, known as the first modern celebrity in America by some, wanted this typesetter that was supposed to be much faster than standard Linotype. The business died pretty quickly because the machine was hard to work with and had over 18,000 parts.
Not the very best with Jay-Z hotels
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.
The Bono investment
The media and entertainment firm Elevation Partners is actually 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 profitable when he invested in BioWare, Pandemic Studios, Yelp and Facebook.
Huge Larry King investment
Talk show host King became embroiled in a life insurance scam that involved flipping policies for profit. King gave up two policies worth a total of $15 million, but only made back $1.4 million on the sale.
Everybody involved in Madoff
Bernard Madoff is currently in jail for 11 federal felonies and serving a 150 year prison sentence. His $65 billion Ponzi scheme stole from over 200 investors, many of which were celebs. Now, all those investors are trying to determine how to proceed to make up for the lost cash.
Another poor investment from a film star
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 ended 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 really owed $10 million at the time.
Just one more from Debbie Reynolds
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 accommodation 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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