Just three years ago, Damon Dash sold his 25 percent stake in Rocawear for a reported $22 million. Now, the hip hop mogul and former co-founder of Roc-A-Fella Records is reportedly broke.
"I've worked with musicians, artists and entertainers that, in the eyes of the media, are very wealthy," Jason Gabbard— the attorney who settled a suit against Dash and his wife Rachel Roy, for $148,505 in unpaid fees to a fashion firm— told the New York Daily News. "But to borrow a phrase from my Kentucky homeland, they haven't got a pot to piss in -- they're broke."
Besides being tangled up in a lawsuit that claims Dash cheated a law firm handling his child-custody case, according to the Daily News, Dash owes lawyers, companies, lenders and landlords, huge sums of money. This week a judge ordered the city to take away Dash’s Chevrolet Tahoe over regular missed payments of $714 a month.
In August, Eastern Savings Bank foreclosed on two of Dash’s Tribeca apartments, after Dash fell into $7.3 million in debt when he and his wife failed to pay their $78,500 mortgage.
Dash previously owed Armadale Vodka and Keds.
Dash currently owes $2.1 million to the New York State Department of Taxation and Finance, and $4,500 for not paying workers’ comp. Dash’s lawyer has since stopped working with his client, because Dash has not been able to pay his legal bills.
November 17, 2008 @ 12:11 pm
Hip Hop Mogul Damon Dash In Extreme Debt
Judge orders city to take away Dash’s Chevy Tahoe
Article tags: Damon Dash, Jay-Z, Rachel Roy, Jim Jones, Shakir Stewart
Page printed from:
http://www.vibe.com/news/news_headlines/2008/11/damon_dash_debt/
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