Dame Dash’s shares in Roc-A-Fella Records have reportedly been auctioned off by the state of New York to cover the music mogul’s tax debt.
Dash Dash’s Roc-A-Fella Stock Auction
According to the New York Post, the long-delayed auction to purchase Dame Dash’s one-third stake in Roc-a-Fella Records finally took place on Thursday (November 14), with New York State becoming the highest bidder. According to the New York Times, an “anonymous representative from Albany” placed the winning bid at $1 million. The state conducted a so-called creditors’ bid, meaning they didn’t have to pay $1 million up front and can now sell the asset risk-free. Two other anonymous bidders also bid $250,000 and $223,000 respectively.
The move was reportedly taken by the state government to recoup nearly $2 million in taxes from Dame.
Filmmaker Josh Webber ordered the shares to be auctioned back in February after winning a court judgment against Dame in September 2022 for $823,000. , but was delayed after taxes and child support became a significant issue. The state stepped in, claiming Dame owed $1.7 million in taxes and said it wanted relief. The New York Department of Social Services has also stepped in, saying Dame owes $223,000 in child support.
Dahm hoped the sale would bring in a lot more money than it actually did. Back in August, he promised to give away a Roc-A-Fella chain to anyone who offered more than $10 million for a stake in the legendary hip-hop brand.
XXL has reached out to New York State representatives and Mrs. Dash’s attorney for comment.
