*Mathew Knowles has sold his Houston-based Music World Entertainment property, rekindling talk that the father of Beyonce and Solange is broke and estranged from his daughters, according to Page Six.
The property, where Destiny’s Child recorded their early hits, was purchased by BMW dealer Group 1 Automotive in September.
A Page Six source claims the Music World Entertainment space had fallen into disrepair and “from a security standpoint, it became a haven for all sorts of less-than-desirable activity. The family wanted to do away with it.”
The gated property included the state-of-the-art House of Dereon Media Center, Rice Mansion and other multipurpose venues, located in Houston’s Midtown District.
In June, Mr. Knowles uploaded a video showing him packing up memorabilia from the building, including several Destiny’s Child plaques.
“The bulk of everything is temporarily in storage. And no, I’m not broke. Just tired of managing the block of property,” he captioned the clip.
I sold the Music World property and moved our office to another location in #Houston. The bulk of everything is temporarily in storage. And no, I’m not broke. Just tired of managing the block of property. .⠀ .⠀ #business #entrepreneur #businessman #businesswoman #startup #entrepreneurship #entrepreneur #ambition #mindset #entrepreneurlife #entrepreneurlifestyle #businessowner #ceo #success #mathewknowles #beyonce #solange
Via Page Six:
Knowles has been downsizing his life since he got into enormous credit card debt and was hit with child-support lawsuits by multiple women.
A Knowles insider told us that his relationship with his daughters hit a rough patch when he cheated on their mom, Tina, but that they are not currently estranged and he does not rely on them for money. But “he does struggle with not being their manager anymore. There’s a fight to remain current and relevant.”