NEWS: Damon Dash Owes $7.3 Mil In Bills, Homes Go Into Foreclosure

| 3 Comments

Written By Cyrus Langhorne

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Roc-A-Fella Records co-founder Damon Dash and his wife Rachel Roy are on the verge of losing two of their Manhattan homes due to unpaid mortgage debts totaling $7.3 million.

According to the Associated Press, the lawsuit, filed Monday (August 18) allege that both have failed to pay due amounts on their luxury Tribeca condos from January to August, which has resulted in the early steps of foreclosure proceedings. Eastern Savings Bank claims the couple agreed to make monthly payments of $78,500 on the properties.

In addition to the million dollar debts, they may also be expected to pay over $10,000 in late fees, according to New York’s Daily News.

“Damon Dash and Rachel Roy have failed to comply with the terms and provisions of the said mortgage,” the lawsuit reads.

The suit also references Dash’s past history of not paying his bills and cites ordered judgments where he was forced to deliver over $2 million in New York state taxes, more than $100,000 in federal taxes and $95,000 for unpaid rent at his Damon Dash Enterprises.

In related news, Dame and his fashion designer wife, Rachel Roy, recently inked a mega business deal with the Jones Apparel Group for her clothing line.

Dame spoke about the venture’s estimated $4 billion worth and explained his impressions of working with such a large company.

"The company is a $4 billion dollar company--I guess we have the potential to make that kind of money. I just never been with a company that big," he said. "Being that it's so outside the scope of what you think an urban individual would do, I'm real proud of that. I didn't just do a deal with a company that's exploiting my culture, I did something that took some respect and some very risky hustling--doing something that doesn't usually happen."

Reps for Dash were unavailable for comment at press time.

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3 Comments

Ummm... How did this happen??? Shoulda stayed homies with Jay Z with his millions in the stake of Rocafella, basketball teams, and Rocawear! He'll make it out tho I'm sure!

If the deal was for 4 Billi, then why in the hell can't they pay their bills. "I don't believe you, you need more people"!!!

The deal wasnt for $4 Billi (whatever the hell that is). It is a deal with a perceived value of $4 Billion.

The deal is done and valid, but details are being fleshed out. The business community already verified the validity of it.

He is going through a rough patch. He probably has his cash tied up as capital in business start-ups (like the clothing company deal). Nothing more. This time next year he will be laughing at us for even concerning ourselves.

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This page contains a single entry by Admin published on August 20, 2008 10:59 AM.

YA HEARD BLOG: Kim Osorio Releasing Tell All Book, But Will She Really Tell All? Holy "Sandcastle Disco"..Solange's New Album Takes A Leak, And Is Dame Dash Homeless? was the previous entry in this blog.

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