In a Manhattan auction on Thursday, New York State successfully secured a one-third share of Roc-A-Fella Records previously owned by Dame Dash. An anonymous Albany representative placed the winning bid of $1 million, outpacing other offers of $250,000 and $223,000. The acquisition aims to recover Dash’s $8.7 million tax debt, as reported by The New York Post.
New York State Acquires Stake to Address Dame Dash Tax Debt
The purchase was conducted through a creditor bid, allowing the state to acquire the share without immediately paying the full amount. New York State intends to resell the 33.3% stake, hoping to recover funds without any financial risk. In addition to the tax debt, $193,000 from the sale will address Dash’s unpaid child support obligations.
Chris Brown, an attorney representing plaintiffs owed money by Dash, commented on the development, stating, “The auction is over, but the work is not complete. Mr. Dash’s legacy is now New York State property. I will work with New York State and New York City as the next phase of ownership unfolds.”
Jay-Z’s Reasonable Doubt Album Cited in Legal Tensions
This high-profile auction was not without controversy. Jay-Z, co-founder of Roc-A-Fella Records, previously contested the sale by asserting that the rights to his debut album, Reasonable Doubt, would revert to him in 2031. These claims, however, were challenged by city attorneys, who called them “false and extremely damaging” to the auction’s credibility.
The city argued that Jay-Z’s statements could deter potential bidders, threatening the state’s ability to generate sufficient funds to meet existing child support and other obligations tied to the sale. Despite the album’s pivotal role in Roc-A-Fella’s legacy, Jay-Z was notably absent from the auction.
Natraj Bhushan, a lawyer for Dash, pointed to this absence, remarking, “I think it’s surprising not to see Mr. Carter here bidding on a one-third interest. Now he has the government involved in his affairs.”
This sale marks a significant turn for Roc-A-Fella Records, with New York State taking an active role in managing Dash’s former stake. The outcome of the state’s plans to flip the share remains to be seen, as does the resolution of ongoing disputes surrounding the label’s iconic assets.