Mo money more problems! Business mogul and rapper Jay-Z has found himself at the center of a multi million dollar extortion plot involving his master recordings??
According to reports, a collection of Jay Z masters that are valued between $15 and $20 million were supposedly misplaced back in 2002, until recently. Fast forward to last Friday where a large quantity of the masters were found in a Northridge, CA storage unit belonging to music producer Chauncey Mahan, who worked with Jay from 1998-2002.
Mahan supposedly contacted the Live Nation office and said he would either put the tapes up for auction, or except a fee of $100K to relinquish tapes. Sources say Mahan later settled for $75K. The Live Nation office then reported the extortion case to authorities, where they met Mahan at the facility and seized tapes, along with detaining him for questioning. The tapes are currently in police custody until judge determines proper ownership.
Jay Z's camp filed a grand larceny complaint Friday with the NYPD and that investigation is ongoing. Jay said it best, "All I get is these vampires and blood suckers".
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