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Rumors of former Roc-A-Fella affiliate Damon Dash being down on his luck in the finances department have been swirling for months now. But is it really true?
The word on the street is that Dame Dash facing some serious financial woes. From rumors of him having to borrow money from former friend and business partner Jay-Z to reports of him suing his accountant for allegedly costing him millions, the hip-hop mogul (the term is used loosely) has been going through some tough times lately.
But is he in danger of being homeless?
According to The New York Daily News, the former successful businessman has allegedly been skipping out on making his mortgage payments.
Eastern Savings Bank filed suit against Dash in Manhattan Supreme Court claiming he owes about $78,504 in monthly mortgage payments (from January to August) on two Tribeca condos.
“Damon Dash and [model wife] Rachel Roy have failed to comply with the terms and provisions of the said mortgage,” the suit charges.
In addition to his mortgage problems, the suit further claims Sash is on the hook for $2 million in New York state taxes, over $100,000 in federal taxes, and $95,000 in rent to the landlord of the building that houses Damon Dash Enterprises.
At press time, a spokeswoman for Dash did not reply to requests for comments.
Is Damon Dash Really Broke?
Back in June of this year, Dame’s camp issued a press release claiming he and his wife of three years, model Rachel Roy, inked a deal with Jones Apparel to expand the Rachel Roy Collection. The clothing line mash up was said to be worth an estimated $4 billion.
“Both Rachel and her clothing appeal to many audiences around the world, making her a widely removed design talent,” Dash said in a statement at the time. “Through this partnership, we will be able to explore new opportunities for Rachel Roy, the brand.”
The line was said to be available in upscale US department stores like Neiman Marcus, Norstrom, and Bergdorf Goodman.
With so much money flowing between he and his wife, it is hard to imagine the couple could really be broke.
Unfortunately, official court documents hold more weight than press releases so fans and haters alike have no choice but to admit that there has to be some validity to the report.
The question now becomes: Has the bling bling era made it mandatory for the hip-hop community to do everything in their power to “keep up with the Jones’?” Or was it Dash’s apparent taste for the finer things and arrogant attitude that landed him in financial hot water?
The copyright of the article Is Damon Dash Really Broke? in Rap/Hip Hop Music is owned by Erin T. McMillon . Permission to republish Is Damon Dash Really Broke? in print or online must be granted by the author in writing.
Comments
Aug 29, 2008 6:43 AM
Guest :
i don't know this pig, but i have no simpathy for him.
Aug 30, 2008 6:57 AM
Guest :
THE ECONOMY IS TUFF ON ER BODY!
www.XAgga.com where
unsigned artist get heard
Sep 3, 2008 4:19 PM
Guest :
Never really cared much for his arrogant ass anyway.
Nov 17, 2008 12:20 AM
Guest :
Good for him. I hope he dies as well.
Dec 2, 2008 1:27 PM
Guest :
He looks like a mad little monkey, just anotha broke nigga
Dec 8, 2008 12:15 PM
Guest :
Well Damon Dash if you is its what you get,cause jay-z going to get what he
did to you.It's just a better start for you to start all on your own.me in
you on the same page tryna come up u Kno.
Dec 8, 2008 12:17 PM
Guest :
Well Damon Dash if you is its what you get,cause jay-z going to get what he
did to you.It's just a better start for you to start all on your own.me in
you on the same page tryna come up u Kno.
Dec 30, 2008 2:47 AM
Guest :
Well nuckel head head dash, guess your born broke and you will die broke,
thats what you get for always bragging and running your mouth clown.
Jan 16, 2009 3:10 AM
Guest :
The misinformation about this story came from Dash. His wife, Rachel Roy,
signed a deal to give half of her clothing design company to Jones Apparel.
In exchange their marketing and distribution would be used to attempt to
expand the brand. Jones Apparel has $4 billion in revenue from all of it's
divisions. Jones Apparel company is only worth $379 million in stock.
Dash was not given a dime in this deal. Dash mistakenly claimed this as a
$4 billion deal instead of "a deal with a $4billion company".
The filing from Jones Apparel stated "This transaction will have no
material affect on our company finances."
This is how a guy goes
broke. Def Jam bought his share in Rock-A-Fella for $10m which he spent
launching Dame Dash Music. He got another $20m from the sale of Rockawear,
which has been soaked up in film projects and and taxes.
This is the
same as the deals posted about Jay-Z. When Jay-Z sold Rockawear to Iconix
for $204m, no one reported that he was splitting that with two other
russian partners who had the majority of the company stock. Nor did they
identify the huge tax consequences of this transaction since it was all
cash, not stock. So everyone thinks Jay-Z has $204m more in the bank,
instead of the $40m he has after he paid off his partners and Uncle Sam.
Sure a lot of scratch, but not the bank everyone likes to imagine.
Jan 18, 2009 3:39 PM
Guest :
Dame is an arrogant, low-life tub of whale shit. As a millionaire myself,
I can attest to the fact that just because someone has money does not make
them "special" or place them on a higher plain than anyone else.
That being said, whether Dame is rich or poor, he's a pathetic piece of
shit. Arrogant prick needs to be knocked off his high horse. I was just
watching Cribs on MTV and this dick face was bragging about how he threw
clothes away after wearing them. I wonder if he's ever done anything
useful with his money, like helping a family member pay their tuition or
pay off their mortgage.
Mar 24, 2009 9:29 PM
Guest :
What is 6+1? Ask Damon Dash's broke ass that question. Now to the real
business - look if there was no Dame there would be no Jay. At least that's
who helped Jay when he couldn't help his self. Now the lesson is don't
fuck over your partner - you never know when you need them. Hopefully,
Dame's Broke ass can ask Jay for some money to get out of this shit. Or
Dame should sell Jay the masters. That's really what Jay wanted.
I
11 Comments
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