“I used to drink Cristal, them f*ckers racist / So I switched gold bottles on to that Spade sh*t”
When Jay Z very publicly boycotted Cristal in 2006, folks thought he was being too dramatic. Now after having bought Ace of Spades, we all know he was dead serious.
Earlier today, Sovereign Brands, a New York-based wine and spirits company owned by the Berish family, announced, in a press release, it has sold its interest in the Armand de Brignac (Ace of Spades) Champagne brand to a company led by the one and only Shawn “Jay Z” Carter.
The deal is rumored to be in the millions with Jay Z bringing in an estimated $4 million annually from the deal. Although all parties are silent about the specifics of the deal, the family behind Sovereign Brands have reportedly stated that it was an offer they “simply couldn’t refuse.”
If there is one thing that we are learning about the moguls of hip hop, it’s that diversifying your business is very important in not just being a rapper, but in being a business…man. Remember when 50 Cent bought stock in Glaceau, the company behind Vitamin Water? He reportedly earned $400 million in the deal. And let’s not forget Dr. Dre’s $3 billion deal when he sold his stake in the Beats headphones brand to Apple earlier this year.
This is just a testament to Shawn Carter– the business man- investing in the brands he not only likes, but truly supports. It’s only a matter of time before he de-thrones Dr. Dre as the wealthiest man in hip hop. Jay Z is reportedly worth over $520 million according to Forbes 2014 estimates. Looks like both Diddy and Dr. Dre should Watch the Throne.
What do you think? Will Jay Z be the next hip hop billionaire?