Damon Dash’s financial troubles are intensifying, as his entire stake in Roc-A-Fella Records is set to be auctioned off by federal authorities. According to legal documents obtained by TMZ, the U.S. Marshal will sell Dash’s 33.3 percent interest in the company at a public auction in Manhattan on August 29.
Dash, who co-founded Roc-A-Fella with Jay-Z and Kareem Burke, is facing this auction as a result of a legal judgment. Film director Josh Webber, represented by attorney Christopher Brown, secured an $800,000 civil judgment against Dash for copyright infringement and defamation two years ago.
Webber and Muddy Water Pictures produced “Dear Frank” and sued Dash after he allegedly claimed ownership of the movie rights even after being removed from the project.
The auction aims to collect on this judgment, with the documents highlighting Jay-Z’s album “Reasonable Doubt” as Roc-A-Fella’s most valuable asset. Bidders must register by emailing attorney Christopher Brown and the minimum bid for Dash’s shares is set at $1.2 million.
Additionally, buyers must provide a deposit of 20 percent of the minimum bid, amounting to $240,000, at the time of the sale.
Dash’s financial issues date back to 2019, when he informed a federal court that he couldn’t pay $2,400 owed in another lawsuit.
This development marks another chapter in the ongoing saga of Dash’s financial difficulties, with the auction potentially closing the door on his involvement with the iconic record label he helped create.
