Hip-hop mogul Jay-Z has been stung by the recession. The hit maker sank money into J Hotels, acquiring a $66 million plot to build a luxury hotel in New York City. The purchase included the property plus air rights. Construction on the venture has been halted because of a serious lack of funding. One of Jay-Z's partners, Charles Blaichman, told the New York Times, "Even the banks who want to give us money can't."
Jay-Z also recently sold his Rocawear clothing line to Iconix Brand Group for over $200 million.