Hip Hop Mogul Jay Z Buys Luxury Champagne Brand Armand de Brignac
Jay Z, whose real name is Shawn Carter, has shown his huge liking of the champagne brand by featuring it in many of his music videos, most notably in 2006's "Show Me What You Got."
A tower of bottles of Ace of Spades was also part of the fundraiser celebration Jay Z and his wife and fellow music superstar Beyonce held in honor of President Barack Obama in September 2012.
The champagne brand, which retails for $250 per bottle, earned the moniker "Ace of Spades" because of its label, according to UK's The Guardian.
The brand is part of Cattier champagne house, which was established in France since 1763. The Armand de Brignac brand started in 1918 but stalled production in the 1950s. It made a comeback in 2006, the same year Jay-Z cut ties from Roederer - the makers of his then favorite champagne Cristal - following "racist comments" made by one of its executives.
The deal with Sovereign Brands, the company which holds shares for Armand de Brignac Champagne, was announced on November 5, according to The New York Times.
"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," Sovereign Brands said in a statement.
The offer was described by Yvonne Lardner, global director of brand communications for Sovereign, as something "we simply couldn't refuse."
Details regarding the offer were not divulged but the brand is believed to be worth between $25 million and $30 million, according to the New York Post.
Apart from his newly acquired brand, Jay-Z also owns record label Roc Nation, the sports bar The 40/40 Club and was formerly a part-owner of the Brooklyn Nets.