Dame Dash is on the brink of losing his stake in Roc-A-Fella Records after failing to settle an $800,000 debt from two years ago. Reports indicate that Dash, who co-founded the iconic label with Jay-Z and Kareem Burke, will see his 33 percent interest in the company sold at a public auction on August 29 in Manhattan.
Potential buyers are required to register with lawyer Christopher Brown and must place a minimum bid of $1.2 million. Additionally, successful bidders must deposit $240,000 to finalize the purchase. While the full auction details are not yet disclosed, one of the notable assets up for grabs is Jay-Z’s landmark album, “Reasonable Doubt.”
The root of Dash’s financial troubles dates back to a 2022 court ruling. He was ordered to pay $800,000 after losing a defamation and copyright infringement lawsuit filed by filmmaker Josh Webber. The conflict arose when Webber claimed that after their professional relationship ended, Dash falsely presented the 2019 film “Dear Frank” as his own creation.
The judge awarded Webber and Muddy Water Pictures a total of $805,000 in damages. Muddy Water Pictures received $30,000 for copyright infringement and $125,000 in punitive damages, while Webber was awarded $400,000 in compensatory damages for defamation and $250,000 in punitive damages.
According to the lawsuit, Dash had been hired to co-direct “Dear Frank” but was dismissed two years later for allegedly being intoxicated on set. Despite his termination, Dash contended that he retained a stake in the film, even pitching it to networks like BET under the alternative title “The List.”
Following the court’s decision, Dash took to Instagram, declaring,
“You have to lose some battles to win a war… stay tuned . Don’t ever say you Directed MY movie.”
The auction of Dash’s shares is expected to start at $1.2 million, with buyers needing to provide a 20 percent deposit of the final purchase price. This implies that securing a stake in Roc-A-Fella will be a substantial financial commitment.
“Reasonable Doubt,” Jay-Z’s debut studio album released in 1996, is highlighted as a key asset in the auction. This classic album was previously embroiled in legal controversy due to an attempted NFT sale. Just last month, Dash announced that his stake in the album was “for sale,” adding to the buzz surrounding the upcoming auction.
Roc-A-Fella Records, established in 1994 by Jay-Z, Dame Dash, and Kareem “Biggs” Burke, has been a pivotal entity in the music industry. In February of this year, Dash was mandated to sell his shares to address a debt of approximately $823,000. Following this order, Dash publicly offered his shares in “Reasonable Doubt” for sale. Rapper Lupe Fiasco even suggested that Drake could be a potential buyer, stating in a now-deleted social media post, “[Drake] will keep it safe for generations to come.”
As the auction date approaches, the fate of Dash’s stake in Roc-A-Fella Records and the legacy of “Reasonable Doubt” hangs in the balance. The event is set to be a significant moment, not just for Dash, but for the history of hip-hop and one of its most legendary labels.
