8.27.2008
The Recession Hits Dame Dash
You'd think the former CEO and co-founder of Rock-A-Fella Records would be immune to the mortgage crisis, but hip-hop mogul Damon Dash is feeling the credit crunch in a big way. Dash and his wife Rachel Roy are facing a seven million dollar foreclosure after they stopped making payments on their $78,504.20-a-month mortgage. Damon and his wife stand to lose two valuable properties in TriBeCa.
According to the New York Post, Dash still has a fortune estimated at $50 million yet has been besieged by debtors during the past year. Eastern Savings Bank, the bank holding the mortgages, filed suit against Dame after he stopped making his monthly payments in January.
It's too bad Dash has become estranged from his former business partner Jay-Z, as we're sure Hova's flush with cash. The two entrepreneurs started the Rockawear clothing line together in 1995, but Damon sold his stake in the company to Jay-Z for $30 million in 2003. Since then Jay-Z sold the rights to the brand for $204 million. Oops!!! We bet the money he would've made could've gotten him out of this mess.
Labels: Damon Dash, Scott Bernstein
