Business

Jay Z buys Armand de Brignac champagne brand

  • 6 November 2014
  • From the section Business
US music mogul Jay Z

US music mogul Shawn Carter, also known as Jay Z, has bought the Armand de Brignac champagne brand.

New York wine and spirits company Sovereign Brands said it had sold the luxury brand to the rapper for an undisclosed amount.

The champagne, also known as "Ace of Spades", is produced in the French town of Chigny-les-Roses by eight people.

The golden-bottled champagne, which featured in a 2006 Jay Z music video, sells for $300 (£188).

Image caption The high-end champagne is made by eight people in a French town and sells for about $300 a bottle

The 44-year-old US star has been known for his love of the champagne, which is bottled at a winemaking house founded in 1763. He reportedly displayed 350 bottles of the drink at a fundraiser that he and his wife Beyonce Knowles threw for US President Barack Obama in a New York night club in 2012.

The acquisition is the latest addition to Jay Z's vast business interests outside of his music, which include a clothing line, restaurants and a recording label.

He is considered the third richest hip-hop artist in the world with an estimated net worth of $520m, according to Forbes magazine.

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