Jay-Z Armand de Brignac - A company led by Hip Hop mogul Jay-Z has purchased the high-end Armand de Brignac Champagne brand, popularly known as "Ace of Spades" on Wednesday.
New York wine and spirits company Sovereign Brands announced the sale of Armand de Brignac, which is renowned for its expensive gold-bottled Champagne.
"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," the statement said.
Sovereign has not disclosed further details of the deal, including the exact amount with which the new company led by Jay Z acquired Armand de Brignac.
The 44 years old rapper's love for Champagnes and his interest in the Armand de Brignac brand has been evident for many years.
The Grammy award winner featured a bottle of Ace of Spades in the video of one of his highest rated singles called "Show Me What You Got."
The global director of brand communications for Sovereign Yvonne Lardner said in a statement that the Jay-Z Armand de Brignac acquisition is a good deal which was welcomed by both parties.
"We have had a wonderful relationship with Jay Z throughout the years since he first discovered Armand de Brignac. He became interested in owning the brand and made us an offer we simply couldn't refuse," she said.
Reports indicate that in 2012 Jay-Z and his wife Beyonce displayed about 350 Ace of Spades bottles at a fund raising event for US President Barack Obama in the rapper's New York club.
The Champagne brand, which is called 'Ace of Spades' due to its peculiar logo, is very popular among the rich and famous. A normal sized bottle of Armand de Brignac Brut Gold is sold for $300. The company's largest bottle called the Midas sells for $200,000. The luxury 30-liter Champagne is equivalent to 40 regular bottles and weighs 100 pounds.
Jay Z's Armand de Brignac is reported to be produced in France by eight people in the town of Chigny-les-Roses, where it was established in 1763.
Jay Z's Armand de Brignac acquisition is the latest business venture that the legendary rapper has delved into. The Brooklyn-born emcee, who released his first album in 1996, has invested into several businesses, including a record label, a chain of restaurants, sports and a clothing line.
Jay-Z's net worth, according to Forbes magazine is $520m. This makes him the third richest hip-hop artist in the world. Last week, the magazine rated his wife Beyonce as the highest-earning female musician in the world, with about $115 million in earnings.
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