Well, Jay Z can no longer "park in his own arena," as he rhymed on Rick Ross' "3 Kings," because the rap mogul turned sports owner is selling his share of the Barclays Center.
A few weeks ago, Hov began this process when he sold his share of the Brooklyn Nets, about 1/15th of one percent of the team, to coach Jason Kidd for $500,000. Forbes estimates he'll make triple that for his stock in the Barclays Center, of which he owned a higher percentage and which did well without the Nets, in part because of Jay Z's own events. The Barclays Center was also the top-grossing venue for the first half of 2013.
This move comes in conjunction with Jay Z's move into the sports representation world. He was forced to sell his stock of the Nets in order to represent NBA players due to conflict of interest. This may be a part of the same deal, or Jay may have simply decided to remain focused on his budding empire.
Either way, the king will no longer have a castle in a matter of weeks, though he will be at least $1.5 million richer.
