A New York judge ruled that walking Twitter feud Courtney Love owes Jacob & Co. (the company started by Jacob the Jeweler) more than $100,000 for jewelry she borrowed to wear to a charity event that she never returned. Do you think she pawned it off?
One of the most popular pieces at Art Basel this week? A work by Takashi Murakami and Pharrell Williams featuring "a miniature ketchup bottle, a can of Pepsi, a pair of sneakers, a cupcake, a condom, a bag of Doritos and a bottle of Johnson & Johnson baby lotion," all of which are made out of gold and "encrusted with 26,000 inlaid diamonds, rubies, sapphires and emeralds" that had been supplied by imprisoned bling king, Jacob the Jeweler. The piece ended up selling for $2 million to two collectors who intend "to share it." So, yes, there really is someone out there who is the proud new owner of half of a jewel-encrusted bag of Doritos. Congrats? [NYT, Marketwatch]
Fewer rappers are wearing bling, according to your source for all things hip-hop related, the Wall Street Journal. But it's not because they've suddenly realized that diamond-encrusted necklaces are no longer appropriate given the economic climate. It's because they can no longer afford them and they're now asking jewelers to make medallions with less-precious stones and metals so they can keep up appearances. Whether this is really true is anybody's guess. But if it is, poor Jacob the Jeweler is in for quite a surprise when he gets out of out of prison in about 18 months or so, isn't he? [WSJ]
Our effort to catch up on the glamorous life of party boy celebutard flack Jonathan Cheban has yielded an entertaining nugget! In June, Jacob Arabov (pictured)-a.k.a. Jacob the Jeweler, the "King of Bling" and go-to jewelry maker for rappers and celebrities of all stripes-submitted a memorandum to the judge in his money laundering trial describing what a great guy he is, in hopes of getting a lighter sentence. Among those vouching for for the crooked diamond merchant: Jonathan Cheben [sic]!
King of Bling Jacob Arabov was sentenced to 30 months in prison today for lying to the feds as part of an investigation into a drug ring. The sentencing came at the end of a seven-year investigation into a Detroit-based coke distribution operation called Black Mafia Family. Arabo, who was initally arrested more than two years ago, was accused of laundering hundreds of millions in cash for the ring. But the King of Bling copped a plea and the money laundering charges were dropped. For the crime of lying to investigators, though, Arabo will spend a total 2 1/2 years in jail, plus pay more than $2 million in fines and forfeitures. And while that keep his greasy paws away from diamonds and gold for a good while, it could have been worse: The sentence was seven months shorter than what prosecutors recommended. Luckily for Jacob, though, the judge thought his "extensive charity work" warranted a reduced sentence. You haven't heard about the free bling dispersal program in city schools?
Hip hop mogul Russell Simmons reportedly had a suitcase full of his jewelry stolen from a downtown apartment yesterday. Considering the fact that the case contained "three diamond rings, a pendant, three sets of earrings and two bracelets," from Simmons' own jewelry company, the reported total value—$15,000—is pretty meager. That's partly because Simmons is involved a much-derided effort to improve the reputation of the diamond industry, which somehow trickles down to his own company in the form of cheap jewelry that gives a cut of its (relatively small) profits to charity. Which is better: Charitable, uglier, cheaper jewelry, or much shinier jewelry that embraces nothing but out-and-out materialism? These questions are important to moguls. To help you decide, there's a collection after the jump; Simmons' company's jewelry versus some pieces from Jacob the Jeweler—hip hop's gaudiest diamond guy. Each is terrible in its own way:
Jacob the Jeweler
• Us Weekly "breaks the news" that Vince Vaughn and Jennifer Aniston have split, noting that the relationship soured shortly after the late-June engagement. The same engagement that Us announced and Aniston denied, coincidentally. But who cares? Now there's meaty quotes from "insiders" and "close friends," and you can't argue with that sort of evidence. [Us Weekly]
• Paris and some other skank claw each other's eyes out. For the record, we fully support the yanking of weaves. [TMZ]
• If Kevin Federline and Britney Spears get divorced, he'll get $10 million. So unless Brit's 4-weeks pregnant again, expect K-Fed to be fucking Vegas hookers every weekend. It's win-win. How is that God so brightly smiled upon this guy? [Page Six]
• ABC shelled out six-figures in "licensing fees" to Crocodile Widow Teri Irwin, just so Barbara Walters could fly to Australia and piss off the locals. [R&M]
• Now that Jacob the Jeweler is facing charges of money-laundering, very few of his hip-hop clients are coming forward to support him. Wonder why. [Lowdown]
• Former Miss Seventeen contestant Brianna Burrows scored an internship with the magazine but left the gig "traumatized." She also claims EIC Atoosa Rubenstein threatened her, and 21-year-old Burrows is now prepping a legal team — just the kind of youth empowerment we like to hear about. [Page Six]
