Rapper Jay Z is building quite an impressive business portfolio and he recently added a new addition, which just so happens to be the 44 year-old music mogul's favourite champagne brand, Armand de Brignac.

jAY z
Jay Z is now the owner of his favourite champagne brand, Armand de Brignac

A new company owned by Jay reportedly purchased the brand of bubbly, nicknamed 'Ace of Spades,' which sells for $300 a bottle, New York wine and spirits company Sovereign Brands announced earlier this week.

"We are proud to announce that Sovereign Brands, a New York-based wine and spirits company owned by the Berish family, has sold its interest in the Armand de Brignac ('Ace of Spades') Champagne brand to a new company led by the globally-renowned Shawn 'Jay Z' Carter," the company said in a statement.

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Although the terms of the deal were not released, Yvonne Lardner, global director of brand communications for Sovereign, told the New York Times in an email, "We have had a wonderful relationship with Jay Z throughout the years since he first discovered Armand de Brignac. He became interested in owning the brand and made us an offer we simply couldn't refuse."

The hip-hop star's interest in 'Ace of Spades' champagne isn't new, fans first saw the distinctive gold bottles in his 2006 music video for 'Show Me What You Got.' Furthermore, in 2012 while holding a fundraiser with his wife Beyoncé at the 40/40 Club in Manhattan for President Obama, he famously stacked a tower of 350 bottles of Armand de Brignac.

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Jay Z, whose real name is Shawn Carter, is worth approximately $520 million Forbes reports, so it is easy to assume the deal to acquire the champagne brand was a very lucrative one.