Inside Damon Dash Financial Crises

With a net worth of $100,000, Damon Dash is an American record producer, businessman, and music executive. In contrast to his former partner Jay-Z, who is currently worth a billion dollars, Damon has had several documented financial problems in the past few years.

Damon informed a New York judge at the end of 2019 that he was too poor to pay child support because numerous creditors were taking the majority of his earnings. We’ll go over his past financial circumstances in detail in this post.

Most people likely associate Damon Dash with co-founding the record company Roc-A-Fella Records. Jay Z and Dash were co-founders of the Roc-A-Fella label. In addition, he and Jay-Z co-founded two apparel brands, including Rocawear. Eventually, Rocawear became a successful brand that sold for hundreds of millions of dollars.

How did Damon Dash financial crises occur?

Damon Dash disclosed to a judge that he was facing foreclosure on two New York City residences and owed $2 million in overdue taxes during his divorce proceedings from Roy. A number of NYC legal practices as well as other creditors were suing him for nonpayment.

Repossessed because he was unable to make the $700 monthly payments on his Chevy Tahoe. Dash was evicted from his $9 million Tribeca, New York residence, which was subsequently sold for $5.5 million during a foreclosure. Jay-Z eventually sold Rocawear to Iconix Brand Group for $219 million in the meanwhile.

Dash had to pay $50,000 to Linda Williams, the mother of his son Boogie, in 2014 after she was charged with harassment in 2009. It was discovered in August 2015 that Damon Dash owed the state of New York $4.14 million in overdue taxes.

Damon filed a court petition to stop paying child support in September 2019. It turns out that Damon consented to pay $6000 in child support each month during the initial divorce procedures, a sum that would continue when the children reached 18. According to Damon’s court declaration, Rachel allegedly made more than $500,000 in 2018, while he only made $56,000 overall.

Dash was placed under custody in November 2019 for nonpayment of $400,000 in child support. According to reports, Dash paid over $1 million to be freed. Damon claimed in court documents later that month that he was once again broke and unable to pay off a $2,400 personal debt.

This time, he asserted that his own business, which is currently losing money, is his only source of income. He also disclosed that, as part of a legal settlement, he received $2 million from producer Lee Daniels; nevertheless, creditors garnished the funds. Dash was sentenced to pay Rachel Roy $341,991 and $25,000 in attorney expenses in March 2019.

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