Bad Celebrity Investments That We Remember
| 07:26:00 |
While the magic of celeb may increase the status attributed to certain individuals, this does not mean that everything celebs touch turns to gold. Here are some bad celeb investments that may cause you to feel better in the evening.
Mark Twain investment
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine called the Paige Compositor for 11 years. That was a lot of cash back then to throw into an investment. This well-known writer, called the first modern celebrity in America by some, wanted this typesetter that was supposed to be much faster than standard Linotype. The business passed away pretty quickly since the machine was hard to work with and had over 18,000 parts.
Investment from Jay-Z
The big investment mistake made by Jay-Z would not entirely end until December 2010 when out-of-court settlements and legal battles finally ended. He bought land to produce a luxury hotel in New York City. The hotel was going to be 150,000 square feet and would be for luxury guests in the Chelsea neighborhood. He started the project in 2007 right before the economic crash. He wound up defaulting on the $52 million loan and shut down the project because of lack of funds. Hotel partners had to give the lender the property back.
Enormous losses for Bono
Bono was very profitable 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.
Bad investment by Larry King
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million in spite of the belief that he gave up two policies worth $15 million.
Bernie Madoff scam
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 looking for ways to make up for their sizable financial loss.
Another poor investment from a film star
PoFolks was a restaurant chain opened in California, Texas and Florida by movie star Burt Reynolds. He is not the only movie star who has tried to make this investment. He ended 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 truth that he was over $10 million in debt.
Poor investment decision form Debbie Reynolds
In 1997, Debbie Reynolds would deal with her first bankruptcy due to a Vegas casino she decided to start in 1991. When she started the casino, called Debbie Reynolds Hotel & Casino, she did not realize it would never get business by being off the strip. She ended up dealing with the bankruptcy and selling the hotel off for $10 million in 1998 to the World Wrestling Federation. In 2010, she would also end up selling all things from her film career as her memorabilia museum would also go bankrupt.
Mark Twain investment
In the late 19th century, Mark Twain invested $150,000 to $300,000 on a machine called the Paige Compositor for 11 years. That was a lot of cash back then to throw into an investment. This well-known writer, called the first modern celebrity in America by some, wanted this typesetter that was supposed to be much faster than standard Linotype. The business passed away pretty quickly since the machine was hard to work with and had over 18,000 parts.
Investment from Jay-Z
The big investment mistake made by Jay-Z would not entirely end until December 2010 when out-of-court settlements and legal battles finally ended. He bought land to produce a luxury hotel in New York City. The hotel was going to be 150,000 square feet and would be for luxury guests in the Chelsea neighborhood. He started the project in 2007 right before the economic crash. He wound up defaulting on the $52 million loan and shut down the project because of lack of funds. Hotel partners had to give the lender the property back.
Enormous losses for Bono
Bono was very profitable 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.
Bad investment by Larry King
A life insurance scam that flipped policies was something King accidently got behind. He made $1.4 million in spite of the belief that he gave up two policies worth $15 million.
Bernie Madoff scam
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 looking for ways to make up for their sizable financial loss.
Another poor investment from a film star
PoFolks was a restaurant chain opened in California, Texas and Florida by movie star Burt Reynolds. He is not the only movie star who has tried to make this investment. He ended 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 truth that he was over $10 million in debt.
Poor investment decision form Debbie Reynolds
In 1997, Debbie Reynolds would deal with her first bankruptcy due to a Vegas casino she decided to start in 1991. When she started the casino, called Debbie Reynolds Hotel & Casino, she did not realize it would never get business by being off the strip. She ended up dealing with the bankruptcy and selling the hotel off for $10 million in 1998 to the World Wrestling Federation. In 2010, she would also end up selling all things from her film career as her memorabilia museum would also go bankrupt.
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