Nelly just sold 50% ownership of his song catalog for $50 million, a source close to the rapper has told Fox Business.
The 48-year-old artist has partnered with investment firm HarbourView Equity Partners for the purchase of "select recorded assets," including hits like "Dilemma" featuring Kelly Rowland, "Hot in Herre" and "Ride Wit Me," all from the early 2000s.
Nelly said in a statement, according to Variety, "As artists, we put our heart and soul into each track and there comes a time when you consider preservation of that artistry. My music is my legacy which I want to last beyond me, continuing to make my existing fans happy while reaching new generations and new audiences."
He added that he was "excited to partner with HarbourView to create opportunities for discovery of my music decades from now."
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Nelly, who performed during the Grammys’ 50 Years of HipHop celebration in February, has three of his own Grammys for "Dilemma," "Hot in Herre" and "Shake Ya Tailfeather," among other awards.
HarbourView has also bought song catalogs from artists like Lady A, Brad Paisley and Incubus in recent years, according to Variety.
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"The beloved multi-Grammy winning, diamond-selling hip hop superstar and entrepreneur with the million-watt smile, is having another great year with his business ventures as he heads into the studio to record a new album entitled Heartland 2," the source told Fox Business. "Heartland was the artist’s first full country inspired album that produced a triple platinum single, ‘Lil Bit’ as well as collaborations with Breland amongst others."
The source added that "Heartland 2" would be an "all-female collaboration."
"He started the year performing on the Grammys tribute to 50 Years of HipHop Celebration, performed to over 4000 fans [at] Stagecoach, and after 23 years of putting out hit after hit, there is no sign of Nelly slowing down," the source added.
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Fox Business has reached out to HarbourView Equity Partners.
