Jay Z Extortion Plot

Authorities told TMZ a producer named Chauncey Mahan allegedly contacted Live Nation and said he had a number of tapes in a Northridge, Calif., storage facility that the company could have for a $100,000 fee, otherwise he planned to sell them at auction.

They reportedly agreed on a fee of $75,000. But when Mahan went to meet with representatives for Jay Z at the storage unit, he was instead greeted by police, TMZ said.

Mahan, who worked with Jay Z from 1998 to 2002, claims he notified Jay Z’s representatives repeatedly that he had possession of the master recordings over the years and only asked for money after he could no longer afford to house them in storage.

The recordings are reportedly valued between $15 million to $20 million. A grand larceny complaint has been filed against Mahan and an investigation is ongoing, police told TMZ.