Shawn Corey Carter (born December 4, 1969), known by his stage name Jay-Z should be THANKING Chauncey Mahan the producer who worked with Jay Z from 1998-2002, he produced tracks like "Hard Knock Life" which spawned the biggest hit of his career at the time he's accused of extortion -- or so the guy claims, if weren't for him jay z would have remain in the street cos he was a "Stupid Kid Smoking Blunt" the recordings he's allegedly holding for ransom (valued between $15 and $20 MILLION) would have been lost or destroyed ... because Jay Z was an irresponsible pothead back in the day.
According to a source Chauncey Mahan was detained by police Friday after Jay Z's people accused him of stealing the master recordings for several big songs back in 2002 -- and then trying to hold them for ransom -- a $100,000 "storage fee."
But Chauncey insists the allegations are BS -- according to report he didn't steal jack ... Def Jam asked him to keep track of the recordings in 2002 because no one else was doing it. According to Chauncey, Jay Z "was a stupid kid smoking blunts" who was reckless with his intellectual property.
What's more, over the last 10 years, Chauncey says he's repeatedly notified Jay Z's people that he was in possession of the masters, and they blew him off. He says he finally asked for money last week when he could no longer afford to keep the masters in storage.
Chauncey says he asked for $100,000 to compensate him for keeping the recordings safe for 12 years. FYI, the masters are for Jay Z's "Volume 3" and "Dynasty" albums -- including huge songs like "Big Pimpin" and "I Just Wanna Love U (Give It 2 Me)."
And this is interesting: Chauncey says some of the masters sound awful ... which might explain why Jay Z is freaking out.
As we reported,
Mahan was not arrested, but our sources say the Beverly Hills PD is investigating the extortion allegations because that's where Live Nation is based. We're also told Jay Z's people filed a grand larceny complaint Friday with the NYPD and that investigation is ongoing to determine the rightful ownership
Back of the story ...
Jay Z's Roc-A-Fella Records recorded a boatload of master recordings between 1998 - 2002. We're told in 2002 the masters went missing -- Jay Z and his people assumed they were lost.
Mahan apparently had a number of the masters in his Northridge, CA storage facility. Law enforcement sources tell us ... Mahan allegedly contacted Live Nation -- which has a joint venture with Jay Z called Roc Nation -- and said he would either let the tapes go up for auction or give them the tapes for a $100K "storage fee." We're told Mahan eventually agreed to take $75K.
Mahan apparently had a number of the masters in his Northridge, CA storage facility. Law enforcement sources tell us ... Mahan allegedly contacted Live Nation -- which has a joint venture with Jay Z called Roc Nation -- and said he would either let the tapes go up for auction or give them the tapes for a $100K "storage fee." We're told Mahan eventually agreed to take $75K.
who: jay z
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