Fri, 27 Jul 2012 09:20:13 GMT | By Diane Bullock, Minyanville
Strangest billionaire pet projects

From ridiculous cat-themed websites to one of the most admired magazines in the U.S., these beloved but financially dubious purchases only emphasize how much money a mogul can waste.

The Electric Barbarellas (© MTV)
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  • The Electric Barbarellas (© MTV)
  • The original Titantic, above. Australian billionaire Clive Palmer has said his replica will include a “safety deck.” (© File/AP)
  • Eighty-nine-year-old media tycoon Sumner Redstone created and invested in MTV’s reality TV show Electric Barbarellas. (© MTV)
  • Sheldon Adelson, the eighth-richest man in America, invested $24.9 billion in Newt Gingrich’s Super PAC. (© Gage Skidmore)
  • Necker Island was purchased by billionaire Richard Branson in 1979, when the media tycoon was only 28 years old. (© Dr. James P. McVey, NOAA Sea Grant Program)
  • Along with Magnolia Pictures and the Dallas Mavericks, Mark Cuban has invested in Steve Gadlin’s Internet company, I Want To Draw A Cat For You.
  • Paul Allen bought the Seattle Seahawks in 1997, saving the NFL team from a move.
  • Facebook co-founder Chris Hughes invested large sums in the liberal magazine, The New Republic.
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For most entrepreneurs, starting a business is a gut-wrenching, blood, sweat, and tears-draining, 24/7 undertaking. But for those already sporting nine zeroes in their bank accounts, it's an afterthought, a pet project, a status accessory that serves to confirm the success and fortune they've previously amassed. These 10 trophy investments have become the beloved possessions of their billionaire mogul owners.

* All funds in USD.

* Bing: Richest people in the world

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