Dame Dash: Roc-A-Fella Stake Sold To NY State

Dame Dash: Roc-A-Fella Stake Sold To NY State

The New York State government purchased a one-third share of Roc-A-Fella Records, the infamous record label founded by Jay-Z and Dame Dash. This transaction was completed during an auction last Thursday. According to The NY Post, this was done to retrieve the $8.7 million debt Dame Dash allegedly owes. Reportedly, an anonymous Albany rep submitted the winning bid for $1 million at a federal auction in Manhattan. The state allegedly made a creditor bid to secure the 33.3% stake, requiring no upfront payment for the sale. They plan to resell the stack to alleviate Dash’s alleged debts, which includes taxes.

Jay-Z Warned Buyers

Lastly, this deal was completed weeks after Jay-Z’s team warned potential buyers. The stake’s main asset includes the rights to the rapper’s first album ‘Reasonable Doubt.’ He allegedly confirmed that “full ownership would revert to him in 2031. Giving anyone who bought it only six years of control”. However, New York wrote a letter denying his claims, saying, “Those statements are false and extremely damaging to the City’s interests in ensuring that the auction will generate sufficient funds to satisfy all existing child support arrearages and secure future child support payments.” This is according to the All Hip Hop website.

Dame Dash actively attempted to sell his shares for months.

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