Jay-Z is staking an authorized claim to the master recordings of its iconic debut album … and it’s a “buyer beware” warning, of sorts, to anyone about to drop more than $1 million to buy it Damon Runsfrom Roc-A-Fella Information.
TMZ Hip Hop has learned that Jay’s lawyers simply made an authorized submission that would normally go unnoticed, but which is why it’s suddenly very relevant. As we first reported, Dame’s third Roc-A-Fella goes up for auction later this month, and the label’s only real asset is Jay-Z’s 1996 album, “Cheap Doubt.”
While Roc-A-Fella currently holds the copyright to the report and all of its tracks… Jay’s lawyers have now filed a request that those rights will revert to Shawn Carter/”Jay-Z” in 2031.
Despite the fact that Jay and Dame aren’t exactly on good terms today, this authorized transfer isn’t about revenge, it’s simply business — the rights would have reverted to Jay 35 years after the report was released, anyway. His lawyers just filed the paperwork to make it official.
So what does this imply for the August 29 public sale? Whoever ultimately ends up winning the Dame shares — the minimum bid is $1.2 million — will get to enjoy a third of all the proceeds from Cheap Doubt… but only for about the next 6 years and change. So it’s all Jay’s.
We broke the story… there may be a restricted shelf lifefinancially speaking, to whoever wins the public auction, and now Jay-Z has declared the expiration date.
Time is running out!
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