Damon Dash's Roc-A-Fella Stake Will Be Auctioned Off
Damon Dash’s Roc-A-Fella Stake Will Be Auctioned Off To Fix His Legal Problems
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Roc-A-Fella Records‘ prime may be more than a decade behind us, but unfortunate news about the label’s ownership can still be unnerving.
The label started in 1994 and was split between Jay-Z, Kareem “Biggs” Burke, and Damon Dash, but that last name won’t be associated with it much longer.
Dash’s 33.3% stake in the Roc will be auctioned off by the U.S. Marshals on Aug. 29 in New York City. Thanks to a lawsuit dating back to 2019, Dash no longer has the option to sell his portion on his own, according to Billboard.
About five years ago, film director Josh Webber filed a lawsuit against Dash for copyright infringement over a film titled Dear Frank. Webber claims that when the movie dropped, Dash promoted it as if it were his own despite being shunned from its development when it was in the production phase.
In 2022, the civil judgment case concluded that Webber was in the right and Dash owed him $705,400, plus $117,884.71 in legal fees, amounting to just over $800,000.
However, two years have passed, and Dash never coughed up the money, so authorities took his portion of Roc-A-Fella records to ensure Webber gets his money. Any money left over will go to Dash, who will also be present at the upcoming auction.
“Based on feedback I have received from interested parties (and I can’t mention names), this auction will likely bring out many household names in the sports and entertainment industries as well as those interested in a piece of a historically significant company which holds an interest in a timeless debut album,” his attorney, Natraj Bhushan, tells Billboard.
The 33.3% stake holds many classic albums the label released, like Jay-Z’s Reasonable Doubt, so anyone who attempts to buy it will have to have heavy pockets as the auction already has a minimum bid of $1.2 million, and bidders must deposit $250,000 to take part.
See how social media is reacting to Dash’s financial strife below.
