The piles of money he made with Jay-Z have been replaced by mountains of IOUs.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.
He was platinum-selling Jay-Z’s partner in Roc-A-Fella Records and the Rocawear clothing line, and once boasted in a magazine interview that he ruled a $50 million empire.
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.
Read more: http://www.nydailynews.com/new-york...lose-eviction-article-1.1341037#ixzz2SxUR7Usw
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.
He was platinum-selling Jay-Z’s partner in Roc-A-Fella Records and the Rocawear clothing line, and once boasted in a magazine interview that he ruled a $50 million empire.
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.
Read more: http://www.nydailynews.com/new-york...lose-eviction-article-1.1341037#ixzz2SxUR7Usw
