Dame Dash's stake in Roc-A-Fella Records has reportedly been bought at auction by the state of New York in order to recover the music mogul's tax debt.
Dash Dash's Roc-A-Fella stake sold at auction
On Thursday (November 14), the oft-delayed auction to buy Dame Dash's 1/3 stake in Roc-a-Fella Records finally took place with New York state emerging as the highest bidder, according to New York Post. NYP reports that an “anonymous Albany representative” submitted the winning bid of $1 million. The state did what's called a creditor offer, meaning it didn't have to pay the $1 million upfront and can now do a risk-free sale of the asset. Two other anonymous people also had bids of $250,000 and $223,000.
The move was reportedly made by the state in order to recover Dame's tax debt of nearly $2 million.
The auction of the bet was ordered in February after film producer Josh Webber won an $823,000 judgment against Dame in September 2022. It was originally scheduled to take place on August 29, but was postponed after taxes and child support became issues. The state stepped in to claim Dame owed $1.7 million in back taxes and said it wanted them cut. The New York Department of Human Services has also stepped in and said Dame owed $223,000 in child support.
Dame hoped the auction would bring in more money than it did. In August, he promised to gift a Roc-A-Fella chain to the person who offered more than $10 million for his stake in the famed hip-hop label.
XXL reached out to New York state representatives and Dame Dash's attorney for comment.
