Jay Z
Jay Z has bought a luxury champagne company.
The 44-year-old rapper, who has a two-year-old daughter, Blue Ivy, with wife Beyoncé Knowles, has acquired Armand de Brignac after helping to turn the bubbly beverage, which costs upwards of $300 a bottle, into a favourite among celebrities.
Sovereign Brands decided to sell its stake in the brand, better known as the Ace of Spades because of the logo on its label, to a company led by the 'Empire State of Mind' hitmaker - real name Shawn Carter - after he made them an offer they "simply couldn't refuse."
In a statement today (05.11.14), the company said: "We are proud to announce that Sovereign Brands, a New York-based wine and spirits company owned by the Berish family, has sold its interest in the Armand de Brignac (Ace of Spades) Champagne brand to a new company led by the globally renowned Shawn 'Jay Z' Carter."
It is not yet known how much the Grammy-winner, who has an estimated net worth of $520 million, paid for the company, but he first started working with the brand eight years ago when he featured the high-end champagne in his 'Show Me What You Got' music video.
He also commissioned a 350-bottle tower of the champagne to serve as the centre-piece at a fundraiser for US President Barack Obama at his 40/40 nightclub in New York City in September 2012.
Yvonne Lardner, global PR and marketing spokesperson for Sovereign Brands added: "We have had a wonderful relationship with Jay Z throughout the years since he first discovered Armand de Brignac. He became interested in owning the brand and made us an offer we simply couldn't refuse."