'Broke' Damon Dash claims he's deep in debt and close to eviction from his home
Published: 2013 May 11 11:54:03 (4937 Views)
The platinum-selling former partner of Jay-Z's Rock-A-Fella Records and Rocawear clothing line claims he's crushed by debt and behind in his personal bills even though he once boasted in a magazine interview that he ruled a $50 million empire.
The piles of money he made with Jay-Z have been replaced by mountains of IOUs.
Hip-hop mogul Damon Dash is so deeply in debt that he claims in court documents he faces imminent eviction from a rented mansion in suburban Carmel, N.Y.
'I am currently several months behind in paying my personal bills,' he wrote Tuesday in the 5-page filing. 'For instance, I am currently over $100,000 behind in rent for the only home in which I live and at risk of being evicted.'
Dash lost a pair of multimillion-dollar Tribeca lofts to foreclosure in 2010, with $7.3 million left on the massive mortgages.
An acrimonious 2004 split with his old pal initially netted Dash a $20 million windfall — but eventually left the 42-year-old facing hard financial times.
Failed business deals, huge tax debts and repeated legal battles quickly left his deep pockets almost empty.
Court records show Dash lost a slew of lawsuits filed by landlords, fashion designer Charlotte Ronson and a celebrity bodyguard firm.
And pass-the-buck Dash claimed one business, dubbed 'Fresh to Death,' was submarined by a 'poor business decision made by my partners.' It was unclear what the business, named for a trademark Dash quote, actually did.
In addition to his foreclosed homes, his leased SUV was seized in 2008 after he missed his $714.99 monthly payment.
According to his court filing, Dash faces possible criminal prosecution for non-payment of taxes in New Jersey. Documents indicate Dash also owes more than $2 million in taxes to New York state, and he conceded owing federal income taxes.
Yet a September 2011 article portrayed Dash as still living large, describing his Carmel home as equipped with a full music studio, a pool, hardwood floors and a spectacular view.
In a sworn statement asking a judge not to garnish his wages, Dash disclosed:
- He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on the lofts.
- New York state forces Dash to send another $4,341.10 per month for support of his son, Christian.
- He paid nearly $20,000 in garnished wages in late 2012 for other debts.
- And he faces a pending $40,000 tax payment for business earnings.
The drumbeat of debt has 'made it not only nearly impossible for me to maintain my businesses, they have caused me to fall far behind on my personal expenses,' Dash wrote.
He was in Manhattan Supreme Court on Thursday to fight a charge of ignoring a 2008 lawsuit from a garment industry lender seeking payback for a $237,078 loan.
While Dash declined to discuss his finances, he flashed cell phone shots of art galleries he owns in Charleston, S.C., and Hong Kong.
"I'm an independent businessman and this is what comes from business," Dash said in an email from his attorney, Gregg A. Pinto. "I have the guts to fight my battles on my own and it's entertainment to everybody else because I'm so cool about it."
- NYDaily
The piles of money he made with Jay-Z have been replaced by mountains of IOUs.
Hip-hop mogul Damon Dash is so deeply in debt that he claims in court documents he faces imminent eviction from a rented mansion in suburban Carmel, N.Y.
'I am currently several months behind in paying my personal bills,' he wrote Tuesday in the 5-page filing. 'For instance, I am currently over $100,000 behind in rent for the only home in which I live and at risk of being evicted.'
Dash lost a pair of multimillion-dollar Tribeca lofts to foreclosure in 2010, with $7.3 million left on the massive mortgages.
An acrimonious 2004 split with his old pal initially netted Dash a $20 million windfall — but eventually left the 42-year-old facing hard financial times.
Failed business deals, huge tax debts and repeated legal battles quickly left his deep pockets almost empty.
Court records show Dash lost a slew of lawsuits filed by landlords, fashion designer Charlotte Ronson and a celebrity bodyguard firm.
And pass-the-buck Dash claimed one business, dubbed 'Fresh to Death,' was submarined by a 'poor business decision made by my partners.' It was unclear what the business, named for a trademark Dash quote, actually did.
In addition to his foreclosed homes, his leased SUV was seized in 2008 after he missed his $714.99 monthly payment.
According to his court filing, Dash faces possible criminal prosecution for non-payment of taxes in New Jersey. Documents indicate Dash also owes more than $2 million in taxes to New York state, and he conceded owing federal income taxes.
Yet a September 2011 article portrayed Dash as still living large, describing his Carmel home as equipped with a full music studio, a pool, hardwood floors and a spectacular view.
In a sworn statement asking a judge not to garnish his wages, Dash disclosed:
- He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on the lofts.
- New York state forces Dash to send another $4,341.10 per month for support of his son, Christian.
- He paid nearly $20,000 in garnished wages in late 2012 for other debts.
- And he faces a pending $40,000 tax payment for business earnings.
The drumbeat of debt has 'made it not only nearly impossible for me to maintain my businesses, they have caused me to fall far behind on my personal expenses,' Dash wrote.
He was in Manhattan Supreme Court on Thursday to fight a charge of ignoring a 2008 lawsuit from a garment industry lender seeking payback for a $237,078 loan.
While Dash declined to discuss his finances, he flashed cell phone shots of art galleries he owns in Charleston, S.C., and Hong Kong.
"I'm an independent businessman and this is what comes from business," Dash said in an email from his attorney, Gregg A. Pinto. "I have the guts to fight my battles on my own and it's entertainment to everybody else because I'm so cool about it."
- NYDaily
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