Jay-Z's J Hotels Construction on Hold

The hip-hop mogul and his partners can't reel in further financing for the project.

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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.