Damon DashHis financial troubles aren’t getting any better… because his entire stake in Roc-A-Fella Records is being auctioned off by the federal government.
According to new legal documents obtained by TMZ … the music mogul — who co-founded Roc-A-Fella with Jay-Z It is Kareem Burke — will have its 33.3% stake in the company sold by the US Marshal at a public auction on August 29 in Manhattan.
The documents say bidders will first have to register to attend the auction by emailing the attorney Christopher Brown.
Brown, as you may know, represents the film director Josh Webberwhich secured civil damages of more than $800,000 against Dash for copyright infringement and defamation two years ago.
Webber and Muddy Water Pictures produced “Dear Frank” and filed a lawsuit against Dash after claiming he went around telling people he owned the rights to the film, even after he was dropped from the project.
Court documents specify that the purpose of the auction is to collect the judgment. The documents also note that Jay Z’s “Reasonable Doubt” album is the largest asset Roc-A-Fella owns.
At auction, the minimum bid for Dash shares cannot be less than $1.2 million.
Additionally…the buyer must be able to pay a deposit of 20% of the minimum bid — $240,000 — at the time of sale.
You may recall… Dash’s financial troubles date back to 2019, when he told a federal court that he couldn’t pay $2,400 he owed in another lawsuit.
