Dame Dash’s Roc-A-Fella Shares Purchased By New York State For $1M To Cover His Tax Debts

New York State has officially taken possession of Dame Dash’s one-third share of the legendary Roc-A-Fella Records after placing the winning bid at auction.

On Thursday (November 14), the state took over ownership of the shares after winning the bidding war with a bid of $1 million. The winning creditors bid allows The State to sell the shares of the company at no risk, without fronting the $1 million they were auctioned off for.

New York State bought the shares with the intention to recoup the staggering $8.7 million in back taxes owed by Dash. According to The New York Post, an anonymous bidder from Albany placed the winning bid at the federal auction, sending shockwaves through the hip-hop world. Now, New York State holds the keys to part of the iconic empire that produced hits like “Hard Knock Life” and “99 Problems,” as Dash’s financial woes continue to spiral.

“The auction is over, but the work is not complete,” said Chris Brown, attorney for the plaintiffs to whom Dash owes money.

Dash’s unresolved debts include unpaid taxes as well as over $193,000 in child support to New York City. And while the state now owns the stake, it’s still unclear when or how they plan to resell it to settle the debts. As Brown adds, “Mr. Dash’s legacy is now New York State property,” which could mean a new chapter in Roc-A-Fella’s storied history.

Two other anonymous bidders tried—and failed—to outbid the state, with offers of $250,000 and $223,000. But the drama doesn’t stop there. JAY-Z, who famously co-founded the label with Dash, threw a wrench in the auction earlier this year when he claimed ownership of Roc-A-Fella’s biggest asset—his debut album Reasonable Doubt. JAY-Z said the full rights to the album would revert to him in 2031, casting doubt on the auction’s future value. However, New York City officials quickly shut down his claim, calling it “false and damaging” to the auction’s ability to generate enough funds to cover Dash’s massive debts.

As if the saga couldn’t get any crazier, Dash’s lawyer, Natraj Bhushan, expressed surprise that JAY-Z himself didn’t show up to the auction, which took place at The Ink Hotel in Hell’s Kitchen, Manhattan.

“I was shocked,” Bhushan said, noting that JAY-Z, real name Shawn Carter, had a clear stake in the outcome.

Founded in 1995 by Jay-Z, Damon Dash, and Kareem “Biggs” Burke, Roc-A-Fella quickly rose from a small independent label to one of the most influential names in hip-hop. With Jay-Z leading the charge, Reasonable Doubt (1996) became the catalyst for the label’s success, with the album now regarded as one of the greatest hip-hop records of all time. The label went on to produce a string of multi-platinum hits, with Jay-Z’s The Blueprint and The Black Album further solidifying Roc-A-Fella’s position at the top of the rap game. By the mid-2000s, Roc-A-Fella had become synonymous with not just music but fashion, business, and lifestyle, thanks to Dash’s entrepreneurial vision. The label was home to groundbreaking artists like Kanye West, Beanie Sigel, and Cam’ron, who helped shape both the sound and the culture of hip-hop. With over 70 million albums sold worldwide, the label’s impact on music was undeniable.

Watch the video above for additional details on the auction saga thus far.

Article source: https://allhiphop.com/news/dame-dashs-roc-a-fella-shares-purchased-by-new-york-state-for-1m-to-cover-his-tax-debts/