When Jay-Z paired up with developers to purchase an old Time Warner Cable warehouse at 510 West 22nd Street and build a new boutique hotel on the site, he was in an "Empire State of Mind." But ever since the credit crunch put the squeeze on the planned J Hotel, you could say the property has given him nothing but "99 Problems." (We'll stop now.) Bloomberg reports that Hova has sued a pair of investment firms for attempting to "bleed" him of funds in excess of what he owes on the $52 million loan that ended up in default. The complaint alleges that Jay-Z (real name Shawn Carter) and his guarantors were supposed to be good to go when they handed over the deed to the property in lieu of foreclosure, but the defendants never cleared them of their obligations. Jay-Z wants damages of more than $3.7 million and a declaration that he paid his proper dues. For Jigga, it's certainly a hard knock life.
· Rapper Jay-Z Sues Highland Capital Management Over Hotel Loan [Bloomberg]