TMZ are reporting that a collection of master recordings made by Jay Z between 1998-2002 -- and valued at $15-$20Million -- have been involved in alleged extortion plot. The tapes were originally thought to be lost until producer Chauncey Mahan -- who worked with Jay during the period of their recording -- surfaced with them last week after he contacted Live Nation, partners of Jay Z's Roc Nation, to demand a $100,000 "storage fee" for them.

Mahan had been storing the recordings at a Northridge, California storage facility, and agreed to meet Jay Z's representatives there this past Friday after being haggled down to $75,000 dollars. When he got there, the police were waiting for him. The LAPD detained (not arrested) Mahan for questioning and took possession of the tapes until a judge can determine who exactly their rightful owner is.

Jay Z's people have since filed a grand larceny complaint with the NYPD, and the Beverly Hills police are investigating Mahan for alleged extortion.

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