By Freelance Writer (media@latinospost.com) | First Posted: May 15, 2014 12:53 AM EDT

Some of you probably wondered how the CCTV footage of Solange violently attacking sister Beyonce's hubby Jay-Z got leaked. You'd guess that someone working for The Standard Hotel must have probably tipped off media outlets about the existence of the controversial footage and sold it to the highest bidder.

If you did suspect this kind of scenario, you're not far from the truth. Apparently, the video leak was said to be sold to TMZ after a "bidding war," according to a source who spoke to New York Post's Page Six.

"This was being shopped for five days to the highest bidder," an insider revealed, confirming that the tape "was sold for $250,000."

"There are only a handful of people who'd have access to that tape," the source continued. "The Standard owns that tape. Once it was out, Jay Z's people felt they couldn't control it. They were reluctant to try and publicly fight this."

The luxury hotel has reportedly hired lawyer Marty Singer to handle the case and find out who "shopped" the tape.

Meanwhile, The Standard swiftly responded to the leak by sending out a statement, which is as follows, as noted by The Daily Mail:

"We are shocked and disappointed that there was a clear breach of our security system and the confidentiality that we count on providing our guests. We are investigating with the utmost urgency the circumstances surrounding the situation and, as is our customary practice, will discipline and prosecute the individuals involved to our fullest capacity."

Meanwhile, a source exclusively revealed to Hollywood Life that Jay-Z is afraid that the clip "could ruin his reputation, as well as his family's." The rapper is reportedly vowing to get back at whoever leaked the video to the press.

"Hov cannot believe this private moment has now been made public because of someone who was looking to make a quick buck," the insider said. "Now he is out for blood and will have the last laugh in this matter."

With The Standard and the music mogul in hot pursuit of the said leaker, we definitely wouldn't want to be in his or her shoes right now.

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