In 1984, Jay-Z and his wife Mariah were living in New York in a massive six-bedroom townhouse on the Upper West Side of Manhattan. The couple had bought the home for $15 million in 1974. The Jay-Zs’ New York real estate investment had run aground in the mid 1980s when the financial crisis of the early 1980s made some of Jay-Z’s business partners nervous about the risk of the couple’s investment. They wanted to sell by 1987, but the Jay-Zs were able to negotiate a deal to get the house off the market in order to start their own rap record label.
But in 1986, the rap bubble burst, and the Jay-Zs found themselves with a $15 million mortgage and $1 million in legal bills. The couple could not come up with the extra cash for all the construction, and they were forced to foreclose on their home. The couple paid off their mortgage and started an investment fund for their kids.
In 1989, the couple moved into the five-bedroom townhouse on the Upper East Side of Manhattan. The mansion was listed for $12 million. On December 21, 1989, the couple was arrested for possession of marijuana, and on June 13, 1990, four days before the album Born Sinner was released, the couple was arrested again for possessing marijuana. The pair pleaded guilty on August 3, 1990, to the drug charges, and both men were sentenced to five to eight years. They then served their sentences and were released in April of 1991, but the Jay-Zs would not settle down. In 1998, they sold their townhouse and took out a second mortgage for $15 million and the total house price jumped to over $20 million.
For a long time, the Jay-Zs have maintained that it was the late 1990s that created gangsta rap. In 2013, a woman, who claims to be a half-sister of Mariah, also claimed that the song Gangsta’s Paradise was written by Mariah. Jay-Z told reporters that it was not about him personally, and it is unknown what became of the claims.
Mariah is a major shareholder in Mariah Carey’s company, DreamWorks, the parent company of MCA Records.
Mariah Carey’s family and friends are the focus of three books written by her.
How Mariah’s Family Works.
Possible Role in Future Mariah Media Company.
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