Jay-Z Sues Investment Firm Over $52million Hotel Loan

Jay-Z has filed a lawsuit against an investment company who loaned him $52million to build a hotel in New York City.

The property, to be called the J Hotel, was due to be built in Manhattan's West Chelsea neighbourhood.

But building work was put on hold last year following the real-estate crash and other financial troubles.

According to the lawsuit, Jay-Z, who is one of three guarantors on the loan, then tried to give the money back.

But, the rapper claims, Highland Capital Management failed to expedite the process, costing him thousands in interest as the loan accrued $20,000 a day.

Jay-Z is seeking $3.7million in damages from the company, reports the Wall Street Journal.

A spokesperson for Highland Capital Management called the rapper's claims “meritless” and vowed to “vigorously defend itself”.

(by Jason Gregory)

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