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Former Carolina Panther player Mike Rucker filed a lawsuit against his financial advisor, Jon Kubler, claiming that Kubler mismanaged nearly $3 million of his earnings. Rucker and his wife, Kristina, filed a lawsuit in a North Carolina Business Court in March, alleging that they had unknowingly invested in a Ponzi scheme. The couple, who met Kubler while Rucker was playing football for the University of Nebraska, claims that Kubler persuaded them to invest in his Nebraska commercial real estate company Aksarben in 2009, according to The Charlotte Observer. They say the investment was a failure and that Kubler did not return their funds or money from other investors. Of the $5.6 million Kubler and his companies — including Steelpool Inc. and Capital Synergy Partners — had raised for commercial real estate companies, only 4% of the funds were reportedly invested in the ventures. Kubler had been the Ruckers’ financial advisor for 21 years and in the early 2000s had “integrated himself...
A new hub for Black-owned businesses is opening in Evanston, IL. Led and owned by a team of predominantly Black community leaders, The Aux is a 16,000-square-foot commercial space that will feature a wellness studio with services provided by practitioners of color, pop-up marketplaces for healthy food entrepreneurs, flexible space for small business owners, and office and co-working areas, according to information on its website. “We are transforming a vacant property into a beautiful, environmentally sustainable building that emphasizes a quadruple bottom line for cultural, social, economic, and environmental impact,” The Aux website reads. The Aux acquired the property in 2021 and in that same year announced it was seeking a $6 million raise to renovate the space — a project managed by Black-owned, Chicago, IL-based firm Ujamaa Construction. The project’s final cost increased to $10 million with support from public and private donors, per the Evanston Roundtable. In 2022, the City...
For generations, the idea of retirement was wrapped in images of palm trees, golf courses, and pastel-colored condos lining the Florida coast. But for today’s retirees, those images are changing. The decision of where to retire is no longer just about sunshine and tax incentives; it’s about affordability, quality of life, and long-term stability. Instead of heading south, many retirees are opting for places like the Midwest, trading palm trees for pine forests, ocean waves for mountain peaks, and high insurance rates for financial security. And this shift isn’t random. For decades, Florida has been synonymous with retirement. The Sunshine State’s warm climate, tax advantages, and retirement-friendly communities made it the ultimate destination for older Americans. However, recent trends suggest that the tides are turning. A new study from Mirador Living, titled “Retirement Expectations vs. Reality: Factors that Impact Retirement Decisions,” reveals a surprising shift in where...
Floyd Mayweather reportedly has an interest in another major investment move. As AFROTECH™ previously told you, the boxing champion closed a real estate deal valued at $402 million in October 2024. The investment encompasses over 60 buildings with over 1,000 units in New York, NY, and its purpose is to establish affordable housing in the city. “Growing up, I used to dream about owning just one home by myself. When you work hard, you can achieve anything,” Mayweather told TMZ. Mayweather also has a stake in nine skyscrapers in partnership with SL Green and established real estate firm Vada Properties. He committed to investing $100 million in equity to support a $3 billion luxury rental portfolio alongside Go Partners. His latest moves include potentially extending his portfolio to secure a stake in the New York Giants. According to TMZ, he is leading a group that intends to acquire a security minority stake valued at 10%, amounting to around $700 million. Currently, a proposal is...
Rick Ross was inspired to pursue business, following his mother’s entrepreneurial footsteps. The Mississippi-born rapper shot to fame with his 2006 breakout hit “Hustlin,” which led to him signing his first major record deal with JAY-Z at Def Jam, notes HipHopDX. “JAY-Z, I remember we went to eat after a game, and he was playing Rick Ross…‘Everyday I’m Hustlin,’” Former NBA player Jamal Crawford told Ross while they appeared on the “All The Smoke” podcast. “And Jay was mesmerized by the song. He was like, ‘Whip it, whip it real hard!’ He kept saying that part, he loved it.” Rick Ross became an overnight success and began prioritizing real estate as he accumulated his fortune, which is reportedly an estimated $150 million net worth today. According to Celebrity Net Worth, this encompasses $90 million earned from albums and singles, revenue from his record label Maybach Music Group (established in 2009), and other ventures. His decision to enter real estate dates back to his...
Black residents in Chicago, IL, will be able to invest their dollars in its first casino. The TRiiBE reports locals gathered for an information session hosted by City Treasurer Melissa Conyears-Ervin and members of the Chicago Aldermanic Black Caucus to buy shares in Bally’s Casino, a $1.6 billion project in the 21st Ward that will also feature a hotel, a 3,000-seat theater, and a Riverwalk extension to Chicago Ave. A requirement for the casino is that at least 25% of the investment must come from minorities and women. “Tonight is about a new opportunity on how to participate, about not just being a consumer but to be an owner,” Ald. Ronnie Mosley (21st Ward) said at the pulpit of Third Baptist Church, according to the outlet. Conyears-Ervin added: “Remember when they legalized marijuana a few years ago? We knew that we were the community that was affected the most by it, but we felt that we did not have access to being owners. Well, this, ladies and gentlemen, is quite different.”...
A Black-owned plaza is making its way to Quincy, FL, in Gadsden County. According to WCTV, a variety of Black-owned businesses will be joining Seaboard Plaza. The plaza’s purpose is to increase the economic activity locally and create more jobs. Seaboard Plaza will feature the following types of businesses: Food court Barber shop Hair salon Dry cleaners Construction and real estate offices Full-scale restaurant with a private bar room Event venue “This helps to employ local people. This helps keep local money local and not take it out of town. This also provides convenience to people,” Gadsden County Economic Development Director T.J. Lewis told the outlet. General contractor Latasha Murray, a Gadsden County native, commented: “We considered what other people in Gadsden County wanted. The restaurants was one of the main ones and the cleaners ’cause we don’t have a cleaners here in Quincy as of now.” Furthermore, Seaboard Plaza is being built on the same land as the former Seaboard...
A Black-led development is underway to revolutionize the Crenshaw, LA. Los Angeles Times reports that siblings Jamial Clark and Bridgette Reed are guiding a $24 million project. They secured the land from their parents, Henry and Lucretia Clark, who originally purchased it in 1995. Lucretia owned a hair salon , and the couple also rented out their building. This led to the establishment of a wig shop, shoe repair shop, frame shop, and a social services provider. The building had been a staple in the community, and now the siblings are looking to build on its legacy with new plans. “I invested over $100,000 of my money just to keep things going and to keep bills paid and the mortgage paid, ” Jamial told the outlet. “ Selling was never going to be an option, even though we got to a point where we had to think about it .” The land, situated at the corner of Crenshaw Boulevard and 54th Street, will be developed into a six-story apartment building with 48 units, with plans to include...
Floyd Mayweather Jr. is making significant moves in the real estate sector. As previously reported by AFROTECH™, the boxing world champion has invested $402 million in an affordable housing project in New York, which includes over 60 buildings with more than 1,000 units “Growing up, I used to dream about owning just one home by myself, when you work hard you can achieve anything,” Mayweather told TMZ. Mayweather’s investments in real estate also include ownership of nine skyscrapers in New York through a partnership with SL Green. “‘You see that building right there? Yeah, we own that. You see this building? We own it.’ So we was walking and walking . Then he said, ‘You know, a boxer makes money when he’s boxing. A football player makes money when he’s playing football. A basketball player makes money when he’s playing basketball.’ He said, ‘But New York real estate, you make money when you sleep.’” On Monday, Nov. 18, 2024, Mayweather also invested in a $10 billion office portfolio...
Katt Williams has purchased land to open a movie studio. During an interview with GQ, the comedian revealed he has acquired a former military base located in Alabama. It has been confirmed by Williams’ publicist, Amy Sisoyev. “I can’t disclose the amount or exact location just yet, but I can confirm that he has purchased a former military base in Alabama,” Sisoyev said via email to AL.com. Williams shared that he aims to follow in the footsteps of other celebrities, such as Tyler Perry. As AFROTECH™ previously reported, Perry, a self-made billionaire, opened the world’s largest Black-owned studio. The studio, which Perry self-funded, reached a valuation of $280 million in 2023. Speaking of wanting to be next in line, Williams commented to GQ : “It’s just not fair to put all that pressure on Tyler Perry. He can only do so much.” At the time of this writing, it is unclear when the movie studio will break ground. Williams is part of a growing number of Black figures seeking to disrupt...
“Earn Your Leisure” podcasters Rashad Bilal and Troy Millings continue to put their commitment to wealth building into practice. The pair have announced that construction on a 300-acre development, titled the Sanbra City Project, is underway in Ghana. The project is made possible through partnerships with activist Chakabars and developers Alvin Bekoe, Kwame Blay, and Tuyee Yeboah, Black Enterprise reports. The multi-phased project has “quietly” been in the works for more than a year and is rolling out first with a 40-unit community named The Cascades located in Borteyman, Accra, Ghana. “We acquired 300 acres of vacant land in Accra. We are now in the construction phase of a multi-phased development aimed at creating a vibrant community that welcomes the diaspora to Ghana for more than just parties. We will prioritize collaboration with local communities to ensure proper integration and mutual benefit. The time to come home has finally come! Homes are now available for sale,” “Earn...
The Department of Justice has launched a lawsuit over alleged discriminatory practices related to the appraisal of a Black homeowner’s property and the cancellation of her mortgage refinance application. Filed Monday, Oct. 21, in U.S. District Court in Colorado, the lawsuit accuses Rocket Mortgage , Solidifi U.S. Inc., Maverick Appraisal Group Inc., and Maksym Mykhailyna of actions that violate the federal Fair Housing Act. “This lawsuit is part of our ongoing efforts to bring an end to appraisal bias which prevent Black communities and other consumers of color from accessing credit and benefitting from homeownership,” Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said in a statement . “Appraisal bias exacerbates the racial wealth gap, and runs contrary to the principles of fairness, transparency and equity that we need in our housing market today,” she added. “The Justice Department will continue to hold appraisers, lenders and others...
Floyd Mayweather has made a major move in real estate, investing $402 million to acquire over 60 buildings with more than 1,000 units in New York, NY, TMZ reports . “Growing up, I used to dream about owning just one home by myself, when you work hard you can achieve anything,” Mayweather shared with TMZ. According to The Real Deal, this investment is aimed at developing affordable housing for families in need. Other Real Estate Deals Mayweather’s real estate portfolio in New York doesn’t end there. As previously reported by AFROTECH™ , the boxer also owns nine skyscrapers in the area through a partnership with SL Green. “SL Green is a company I’ve worked with for many years, and Andrew Mathias—great business guy,” Mayweather said on the “Earn Your Leisure” podcast, referring to Mathias, president of SL Green Realty Corp. On a walk through the city with the businessman, Mayweather recalled him saying, “‘You see that building right there? …Yeah, we own that. You see this building? We...
Christopher Cunningham, an entrepreneur based in Tampa, FL, now owns an entire block, Bay News 9 reports. Initially aiming to purchase just one building, Cunningham was offered the chance to buy the entire block at 9513 N Nebraska Ave. He now operates two businesses there: True Value Hardware and his water restoration company, Dry 24 “From the inside it looks really small but there’s actually 1.88 acres here,” he explained to the outlet. “Initially, I was just looking at buying the store. I got a chance to talk to Mr. Chelle, and he said, ‘You can buy the store, but you gotta actually buy the whole block.’” Cunningham, now the proud owner of five buildings on the block, hopes to see greater support for Black-owned businesses in Tampa, where 24% of the population is Black, per ABC Action News. “I think it’s important in the city of Tampa — Tampa is 24% Black — that there are more Black businesses and that the corporate partners and the people who receive tax dollars, the private...
Booker Washington is making homeownership more accessible for urban communities. He is the founder of Techie Homes, a real estate company that designs “smart micro-communities” in Atlanta, GA, priced below current market rates, according to its company website. “Accessible homeownership is an issue in Atlanta,” he told Business Insider. “Our goal is to provide homes at a price point where mortgages are equal to or less than the cost of renting a one-bedroom apartment.” While Washington subscribes to accessible homeownership, he makes it clear he does not want to label Techie Homes’ efforts as an affordable housing project. “We change the way we view environments, and if we change the way we view environments, we’ll change the actual person and how they grow,” Washington explained in a video clip . “That’s the reason why I don’t adopt to affordable housing projects, because if you put people of all the same incomes in the same place, they will only see what that other person’s low...