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Wednesday, December 9, 2015 11:28am ET by  
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The world's most expensive album is bought by pharma CEO Martin Shkreli

Martin Shrkeli, who enraged the public by inflating the price of a HIV medicine to help raise the profits of his company, has bought the one and only copy of Wu-Tang Clan's 'Once Upon a Time in Shaolin'.

The album was made by Robert Diggs, aka RZA, the producer and leader of the Wu-Tang Clan. Diggs made one copy only, and announced in March 2014 that he would sell the album to the highest bidder.

Diggs told Forbes at the time:

"We're making a single-sale collector's item. This is like someone having the scepter of an Egyptian King."

Diggs did not want the buyer to make the album publicly available for 88 years but in the end decided that it could be made public but not for commercial gain.

The auction was carried out by Paddle8 and presented the album in a hand-carved box, accompanied by a leather-bound book with 175 pages of parchment paper filled with lyrics and history on how the album tracks were created.

'Once Upon a Time in Shaolin' featured all the surviving members of the Wu-Tang Clan along with special guests. The album was hidden in a vault in the Royal Mansour Marrakech Hotel in Morocco and it has only been heard by RZA and his co-producer, Tarik 'Cilvaringz' Azzourgarh.

On November 24, Paddle8 announced that the winning bid was 'in the millions' and that the item was won in May but specialist contracts prolonged the announcement of the auction result.

RZA issued a statement that the buyer wanted to go public. Today (December 9) Bloomberg Businessweek reveald the buyer to be none other than Martin Shkreli, the baby-faced CEO and Founder of Turing Pharmaceuticals. The winning bid was $2,000,000 (£1,318,000).

The 33-year-old hit the headlines when his company raised the price of Daraprim, a 62-year-old medication that is used to treat infections in some AIDS and cancer patients from $13.50 (£8.90) a tablet to $750 (£494) a tablet. This represented a 5,000% price hike.

Shkreli was silent investor in a small Brooklyn label, Collect Records, and that label severed all ties with him. Shkreli's actions drew criticism from Hillary Clinton and Senator Bernie Sanders and he eventually agreed to lower the price.

With regards to his involvment with Collect Records, Shkreli said: “All I did was put money in. I want to be a patron for musicians I really respect and that they have a hard time making ends meet.”

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Watch the official video for Wu-Tang Clan's 'Ain't Nuthing Ta F' Wit', a documentary about Wu-Tang Clan, and news footage of the Daraprim price hike below: 

 

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