Dame Dash‘s stake in Roc-A-Fella Records has reportedly been bought at auction by the state of New York in order to recoup the music mogul’s tax debt.
Dash Dash’s Roc-A-Fella Share Sold at Auction
On Thursday (Nov. 14), the oft-delayed auction to purchase Dame Dash’s one-third share in Roc-a-Fella Records finally took place with the state of New York coming out as the highest bidder, according to the New York Post. NYP reports an “anonymous Albany rep” placed the winning bid of $1 million. The State did what’s called a creditor’s bid, which means they didn’t have to pay the $1 million upfront and can now make a no-risk sale of the asset. Two other anonymous people also had bids in the running of $250,000 and $223,000.
The move was reportedly done on the state’s part in order to recoup Dame’s nearly $2 million tax debt.
The auction of the stake was ordered back in February after movie producer Josh Webber won a court judgment for $823,000 against Dame in September of 2022. It was initially set to take place on Aug. 29, but was postponed after taxes and child support became an issue. The state stepped in to claim Dame owed $1.7 million in back taxes and said they wanted their cut. The New York Department of Social Services has also intervened and said Dame owed $223,000 in child support.
Dame was hoping the auction would bring in way more money than it did. Back in August, he promised to gift a Roc-A-Fella chain to the person who bid over $10 million for his share in the storied hip-hop label.
XXL has reached out to reps for the state of New York and Dame Dash’s attorney for comment.