JAY-Z is cashing out following his 7+ year legal battle with an Los Angeles-based fragrance brand.
According to a report TMZ published on Thursday, June 8, the billionaire has received his payment of $7,259,061.31 from Parlux Fragrances after the brand lost its lawsuit against him. In the lawsuit the brand filed back in January 2016, Parlux accused Hov of not fulfilling the terms of their contract regarding their cologne GOLD JAY-Z. They claimed their deal was doomed since the rapper never did any kind of media or public appearances to properly promote the product when it was released in 2013.
Parlux claimed that their deal with JAY-Z included social media posts and public appearances at Macy's. Their lawyers argued that Hov simply declined to do any promotional opportunities like interviews with "Good Morning America" and Women's Wear Daily. The company expected to collect $50 million over two years but they ended up losing money with stores returning unsold products. Because of this, the brand sought to collect $18 million in damages.
Last year, an appellate court ruled in favor of JAY-Z and determined he was entitled to at least $4.5 million in royalties from past sales of the fragrance. After they appealed the decision, Parlux lost again and was ordered to pay $6.8 million with interest. The payment finally hit Hov's bank account on Wednesday. Forbes says the veteran MC is worth $2.5 billion so that payment sounds like pocket change to him. However, he and his wife Beyoncé just bought a new home worth $200 million so he could use the extra cash.