Hip-hop’s first billionaire Shawn “Jay-Z” Carter has emerged victorious in a protracted legal battle against Parlux Ltd., a leading global beauty company.
Reports confirm that Jay-Z received a substantial $7.2-million settlement from Parlux, marking the end of a seven-year court feud.
The legal saga began in 2016 when Parlux, renowned for its collaboration with pop culture icons and fashion houses, filed a lawsuit against Jay-Z.
The company claimed that the hip-hop mogul had failed to fulfill his promotional obligations for their joint fragrance, Gold Jay-Z.
Parlux alleged that the breach of contract resulted in a decline in fragrance sales.
The jury determined that neither party was at fault for the issue. In a significant turn of events, an appellate court ruled in Jay-Z’s favor last year, asserting that he was entitled to a minimum of $4.5 million in royalties from previous fragrance sales.
Despite Parlux’s efforts to appeal the ruling, the beauty company faced another setback as the court ordered them to pay $6.8 million, along with accrued interest.
On Wednesday, Jay-Z’s legal team finally received the payment, bringing an end to the legal dispute.
Jay-Z’s net worth skyrockets to $2.5 billion thanks to mega Bacardi deal
This latest financial win adds to Jay-Z’s already impressive net worth, which has soared to $2.5 billion from $1.2 billion at the start of the year.
The surge in his fortune is partly attributed to the recent sale of his 50-percent stake in the renowned cognac label D’Usse to Bacardi Limited, netting him a potential value of over $750 million.
Jay-Z’s lavish mansion purchase
In a celebratory move, Jay-Z and his wife, music superstar Beyonce, who boasts a net worth of $540 million, have splurged a staggering $200 million on a magnificent Malibu mansion.
Located in the Paradise Cove neighborhood, commonly referred to as Billionaires’ Row, the sprawling 30,000-square-foot estate offers breathtaking views of the Pacific Ocean and boasts a modern fusion of concrete and glass.
While falling short of being the most expensive residential purchase in the United States — a title presently held by hedge fund billionaire Ken Griffin’s $238 million New York City penthouse — Jay-Z’s new acquisition still ranks as the priciest home ever sold in California.