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Having already conquered the music market, hip hop royalty Jay Z is entering the alcohol business—and not the cheap stuff.
With pre-tax earnings of around $60 million, what better for Jay Z to do with his dough than buy his much-adored champagne brand Armand de Brignac from Sovereign Brands for an undisclosed amount.
The French bubbly—which has the nickname "Ace of Spades"—is produced by Cattier champagne house, which sells bottles to almost 80 countries. Armand de Brignac sells for about $300 a bottle.
Jay Z, whose given name is Shawn Corey Carter, is no stranger to the brand, having mentioned "Ace of Spades" in his 2006 rap "Show Me What You Got." Unsurprisingly, his endorsement threw the name into the commercial spotlight.
It's an interesting venture for Jay Z, however, as champagne sales have been fizzling. In 2013, the number of champagne bottles shipped fell by 5 million, following a 14.2 million drop in 2012, according to The Drinks Business.
It's far from Jay Z's first business venture, however. He already owns interests in nightlife culture, record producing and clothing. He also owns a small chain of upscale sports bars called 40/40 Club and founded his own clothing brand, Rocawear, which he later sold.
Jay Z is not the only celebrity to dabble in the alcohol business. Rapper Sean Combs purchased 50 percent of the DeLeon tequila brand in January 2014, which sells for between $150 to $200 per bottle.
Others have even gone as far as to fashion their own brand of alcoholic beverage. Singer Justin Timberlake developed a spirit called 901 Tequila, while actress Drew Barrymore made her debut in the winemaking business with Barrymore Wines in 2012.
- By Alexandra Gibbs, special to CNBC
CORRECTION: Jay Z co-founded Rocawear and later sold the clothing brand. That fact was misstated in an earlier version of this article.