Damon Dash in Danger of Losing NYC Apartments

It seems hip-hop mogul Damon Dash may be an entrepreneur, but he's certainly not in the business of paying the bills. The NY Post is now reporting that the Eastern Savings Bank has filed suit against him, "charging the Roc-a-Fella Records co-founder hasn't made a payment on his $78,504.20-a-month mortgage since January." The $7.3M mortgage is split between two properties, at both 25 N. Moore Street and 79 Laight Street, and Dash and his wife (Rachel Roy) have been warned in writing that they are in danger of losing both. The Daily News adds that the suit "cites numerous judgments against Dash in which he was ordered to pay more than $2 million in New York state taxes, more than $100,000 in federal taxes and $95,000 in unpaid rent to the landlord of the W.39th St. building that houses Damon Dash Enterprises." Last year he "sued his accountant for allegedly costing him millions of dollars by filing faulty tax returns."

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By Jen Carlson in Arts & Entertainment on August 20, 2008 12:44 PM

Comments [rss]

Anna_Merkin

Funny, because Dame went to a private prep school. Guess he didn't want to follow in the Wall Street/Law Firm/Consulting path that many of his peers chose. Keep it real 'bro.

livelife

The next step after boarding school is typically going to university, then on to the professional path just mentioned, whatever that entails. Dash went to prep school on scholarship,and like some other folks with an entrepreneurial nature and talent for business, decided to skip college and the corporate gig (i.e. putting money in someone else's pocket). Years later, he ended up running his own corporation (putting money in his own pocket) and providing others with jobs. He and Jay-Z are notable in that they didn't fall prey to shady record company dealings and when they did form partnerships, they made sure that they got their fair share.

Not knocking the corporate path, but at the end of the day, business is business (as you can see from all of the crazy Wall Streeter shenanigans in the media lately), and sometimes it seems like the greatest risks garner the greatest rewards.

whitecastlerock

This is so gangster...

drewo

It's just not enough to be a hip-hop executive, or a hip-hop company president --- for true success, one must be a hip-hop mogul.

Bubba

he lives in a house of cards...

Mr Mel

I guess a good way to stay rich is not pay for anything.

Snoopy

It's called cash flow. He's good for his rent.

WaterFrontPOOP

um.... dated 6/17/08... newswire

06-17-2008 , 06:10 PM

Damon Dash, the man who helped Jay-Z take Roc-A-Fella Records from the streets to the corporate level, and his wife Rachel Roy announced Monday (June 16) that they've formed a $4 billion dollar joint venture with Jones Apparel Group to develop, market and license the New York-based fashion brand named after his wife.

spreetaper

that's why when you are rich or win the lottery you should always have someone who checks your accountant/manager to make sure they aren't screwing you over or just doing a bad job