Jay Z isn't just going to sit back and become the victim of an extortion plot. After all, you can't out hustle a hustler.
The story goes like this. A producer named Chauncey Mahan , who allegedly worked with Jay Z from 1998-2002 thought he was going to meet some Roc Nation employees this past Friday to exchange some of Jay Z's personal master recordings of music made in 1998 - 2002. Mahan negotiated a deal to change the masers for $75,000 in cash with Hov's team. However, Jay's people alerted police who assisted in an arrest at the "meet up" location.
Law enforcement sources told TMZ, the producer said that the tapes would go up for auction unless the couhed up a $100K "storage fee." Currently, the L.A. court system is in possession of the tapes until they can determine who they really owns them.
The Producer says Jay Z should be THANKING the producer he's accused of extortion -- or so the guy claims, telling TMZ, if it weren't for him ... the recordings he's allegedly holding for ransom would have been lost or destroyed ... because Jay Z was an irresponsible pothead back in the day.
Chauncey insists the allegations are BS -- telling TMZ, 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)."