Hip-hop Mogul Damon Dash Claims He's Deep In Debt And Close To Eviction From His Carmel Home

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 5 years ago '11        #1
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xo xo xo 85 heat pts85
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Hip-hop Mogul Damon Dash Claims He's Deep In Debt And Close To Eviction From His Carmel Home
 

 
Hip-hop Mogul Damon Dash Claims He's Deep In Debt And Close To Eviction From His Carmel Home

The platinum-selling former partner of Jay-Z's Rock-A-Fella Records and Rocawear clothing line claims he's crushed by debt and behind in his personal bills.

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(Damon Dash, former head of Roc-A-Fella Records, in front of Manhattan Supreme Court where he is f!ghting to keep a roof over his head.)

The piles of money he made with Jay-Z have been replaced by mountains of IOUs.

Hip-hop mogul Damon Dash is so deeply in debt that he claims in court documents he faces imminent eviction from a rented mansion in suburban Carmel, N.Y.

“I am currently several months behind in paying my personal bills,” he wrote Tuesday in the 5-page filing. “For instance, I am currently over $100,000 behind in rent for the only home in which I live and at risk of being evicted.”

Dash lost a pair of multimillion-dollar Tribeca lofts to foreclosure in 2010, with $7.3 million left on the massive mortgages.

He was platinum-selling Jay-Z’s partner in Roc-A-Fella Records and the Rocawear clothing line, and once boasted in a magazine interview that he ruled a $50 million empire.

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(Damon Dash rode in style in 2004, but now he’s buried in debt, including huge payments to ex-wife Rachel Roy.)

An acrimonious 2004 split with his old pal initially netted Dash a $20 million windfall — but eventually left the 42-year-old facing hard financial times. Failed business deals, huge tax debts and repeated legal battles quickly left his deep pockets almost empty.

Court records show Dash lost a slew of lawsuits filed by landlords, fashion designer Charlotte Ronson and a celebrity bodyguard firm.

And pass-the-buck Dash claimed one business, dubbed “Fresh to death,” was submarined by a “poor business decision made by my partners.” It was unclear what the business, named for a trademark Dash quote, actually did.

In addition to his foreclosed homes, his leased SUV was seized in 2008 after he missed his $714.99 monthly payment.

According to his court filing, Dash faces possible criminal prosecution for non-payment of taxes in New Jersey. Documents indicate Dash also owes more than $2 million in taxes to New York state, and he conceded owing federal income taxes.

Yet a September 2011 article portrayed Dash as still living large, describing his Carmel home as equipped with a full music studio, a pool, hardwood floors and a spectacular view.

In a sworn statement asking a judge not to garnish his wages, Dash disclosed:

- He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on the lofts.

- New York state forces Dash to send another $4,341.10 per month for support of his son, Christian.

- He paid nearly $20,000 in garnished wages in late 2012 for other debts.

- And he faces a pending $40,000 tax payment for business earnings.

The drumbeat of debt has “made it not only nearly impossible for me to maintain my businesses, they have caused me to fall far behind on my personal expenses,” Dash wrote.

He was in Manhattan Supreme Court on Thursday to f!ght a charge of ignoring a 2008 lawsuit from a garment industry lender seeking payback for a $237,078 loan.

While Dash declined to discuss his finances, he flashed cell phone shots of art galleries he owns in Charleston, S.C., and Hong Kong.

"I'm an independent businessman and this is what comes from business," Dash said in an email from his attorney, Gregg A. Pinto. "I have the guts to f!ght my battles on my own and it's entertainment to everybody else because I'm so cool about it."

Source: visit this link Hip-hop mogul Damon Dash claims he's deep in debt and close to eviction from his Carmel home - NY Daily News

142 comments for "Hip-hop Mogul Damon Dash Claims He's Deep In Debt And Close To Eviction From His Carmel Home"

 5 years ago '11        #2
xo xo xo 85 heat pts85 OP
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I don't understand why his ex-wife is taking all that money from him when she is a successful fashion designer.
 5 years ago '13        #3
HipHopFactz 452 heat pts452
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Jesus, not sure how much is true, but that child support

"He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on the lofts."

"New York state forces Dash to send another $4,341.10 per month for support of his son, Christian."

Why does he pay so much? that Rachel Roy chick is worth over a 100 mil, she don't need the money

Rule one don't have kids with gold diggers

Although if he is struggling so much why is he still renting a mansion?

 5 years ago '12        #4
BlackBreesus 60 heat pts60
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I got no sympathy , I'd never go broke with the type if money he's made

You only need 1 house. You got 1 a.ss, you only need 2-3 cars.
 5 years ago '13        #5
HipHopFactz 452 heat pts452
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 xo xo xo said:
I don't understand why his ex-wife is taking all that money from him when she is a successful fashion designer.
On top of that he's the one who put her on, first she worked at Rocawear and then he married her and put money behind her business and then once she got a 500 mil contract, she divorced him. He should have had a stake in her biz..

Dame seems to get d!cked by those close to him

 5 years ago '05        #6
g0tt1 211 heat pts211
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Everyone from Roc a fella lost.... But Jay-z
 5 years ago '10        #7
Hovi Bryant 676 heat pts676
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Dame looks like he was along for a free ride his entire career.

Money stops coming in and he's trying to live large. What an idiot.
 05-11-2013, 08:40 AM         #8
dlettern 
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Black man's worst financial enemies: lust for Women that didn't come up with you, jewelry, European luxury goods, and foreign cars. Everything Dame and Jay pushed onto us via their songs. Jay proved to be the biggest scumbag of them all so he won....They are an example for Black men not to follow. The Roc stood for the opposite of who we should be.

That being said, I will never be happy and feel somehow satisfied to watch a Black man go out like this. Any Black person that feels this way is a sucka. The man tricked y'all into thinking your only validation of your wealth is buying their sh*t. This is what happens when you invest outside of your community. Its a fu*ked up cycle. But none of y'all care as long as you favorite rapper is ballin'
 5 years ago '12        #9
Cubs Draco 141 heat pts141
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This n*gga has to have money buried somewhere. Went from millions to sh*t.
 05-11-2013, 08:44 AM         #10
Sam Rothstein 
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 5 years ago '08        #11
Chief Dee 6 heat pts
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Please no, "it's a hard knock life" jokes.
 5 years ago '11        #12
xo xo xo 85 heat pts85 OP
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 HipHopFactz said:
On top of that he's the one who put her on, first she worked at Rocawear and then he married her and put money behind her business and then once she got a 500 mil contract, she divorced him. He should have had a stake in her biz..

Dame seems to get d!cked by those close to him

That was dumb on his part not to own part of her business. But shouldn't he be getting alimony payment since she is worth more than him???
 5 years ago '09        #13
waveycee 
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If he has such a business mind,then why is he renting a mansion and renting an SUV?you no the rent on the mansion is anywhere from $5000-$20000 a month & hell never own it.same with the SUV he pays $700 something a month and he won't own it..i think he was not only addicted to living large but also addicted to doing way to many business deals that he'd borrow money and it snowballed out of control...I don't feel sorry for him at all,cause remember the rocafella days and how much of a obnoxious d!ck he was...
 5 years ago '05        #14
illMattie 131 heat pts131
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Dame Dash is such a loser. This is what happens when you live a lifestyle you can't afford.
 5 years ago '11        #15
shellz386 45 heat pts45
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Guess decades of him being an as*hole caught up to him...
 5 years ago '04        #16
KoKen 5 heat pts
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But in that interview he did with Just Blaze he said he was good money-wise wtf?
 5 years ago '05        #17
murdamurda 33 heat pts33
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 shellz386 said:
Guess decades of him being an as*hole caught up to him...
What goes around comes around 10x worse.

Although he can always say he wifed up Aaliyah.

all that was worth it just for that just for her
 5 years ago '05        #18
Martel 21 heat pts21
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 dlettern said:
Black man's worst financial enemies: lust for Women that didn't come up with you, jewelry, European luxury goods, and foreign cars. Everything Dame and Jay pushed onto us via their songs. Jay proved to be the biggest scumbag of them all so he won....They are an example for Black men not to follow. The Roc stood for the opposite of who we should be.

That being said, I will never be happy and feel somehow satisfied to watch a Black man go out like this. Any Black person that feels this way is a sucka. The man tricked y'all into thinking your only validation of your wealth is buying their sh*t. This is what happens when you invest outside of your community. Its a fu*ked up cycle. But none of y'all care as long as you favorite rapper is ballin'
n*ggas with the jay-z hate. swear yall just automatically a.ssume jay is a bad person just because he happens to be successful. what actually makes him a scumbag? He's a great person to follow. Regardless of what he rapped about he never overindulged to the point he went broke. Didn't knock up no groupie who is takin his money and he's married. What is so bad about dude? There's nothing wrong with investing outside of your community.

You guys make me sick with the whole "because you're black when you get rich, it's your job to help black people out." The saying “give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime” holds true which is why so many people fell on their face as Jay moved on. If n*ggas is not mature enough to learn from dude it's their fault but y'all wanna blame Jay instead. Jay has laid the blueprint for every young black male who wants to be a businessman. If you can find a way to hate on that you obviously just want a handout.
 5 years ago '08        #19
El Fuerte 
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 Martel said:
n*ggas with the jay-z hate. swear yall just automatically a.ssume jay is a bad person just because he happens to be successful. what actually makes him a scumbag? He's a great person to follow. Regardless of what he rapped about he never overindulged to the point he went broke. Didn't knock up no groupie who is takin his money and he's married. What is so bad about dude? There's nothing wrong with investing outside of your community.

You guys make me sick with the whole "because you're black when you get rich, it's your job to help black people out." The saying “give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime” holds true which is why so many people fell on their face as Jay moved on. If n*ggas is not mature enough to learn from dude it's their fault but y'all wanna blame Jay instead. Jay has laid the blueprint for every young black male who wants to be a businessman. If you can find a way to hate on that you obviously just want a handout.
Why do n*ggas say this tho? Jay-z set the model/blueprint for young kids from by ghetto to attain success? If that's the case ain't sh*t else change - he had to become a platinum selling rapper before becoming a big successful business man? What about n*ggas that actually finish high school /college get their education and really make something off of nothing? Not someone that piggy back off their success in one field to gain success and popularity in another. That's not tryna say Jay should not be a role model cus he should be but model /blueprint? Hell no dude is a far outlier.
 5 years ago '05        #20
Martel 21 heat pts21
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 El Fuerte said:
Why do n*ggas say this tho? Jay-z set the model/blueprint for young kids from by ghetto to attain success? If that's the case ain't sh*t else change - he had to become a platinum selling rapper before becoming a big successful business man? What about n*ggas that actually finish high school /college get their education and really make something off of nothing? Not someone that piggy back off their success in one field to gain success and popularity in another. That's not tryna say Jay should not be a role model cus he should be but model /blueprint? Hell no dude is a far outlier.
I never said he is the only example. And nobody wakes up one day and becomes a great businessman. Everyone has to start off somewhere and Jay happened to start at rapping. He's a great person to learn about and follow which is why people have written books about how he achieved his success
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