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Police Drop Jay Z $20 Million Master Tapes Extortion Investigation

Case closed.

The great Jay Z $20 million master tapes caper appears to be over. Less than a month after Los Angeles police opened an investigation into an alleged extortion plot over some of Jigga's prized recordings, the case has been closed.

According to TMZ Jay's camp has stopped pursuing a criminal extortion case against former producer Chauncey Mahan, which led the police to close their investigation.

Mahan was questioned last month over accusations that he was holding for ransom master recordings made between 1998 and 2002 that were reported missing in 2002. Mahan reportedly had the tapes in his California storage facility and had contacted Jay's partners at Live Nation and said he was going to either auction the recordings or hand them over for a $100,000 "storage" fee. Mahan was not arrested in the incident, in which Jay's team filed a grand larceny complaint with the New York Police Department while the Los Angeles Police Department investigated the extortion allegations.

While the LAPD confiscated the recordings, law enforcement sources told TMZ that Jay's camp decided not to pursue the extortion charges. At press time it was unclear what would be done with the tapes.