Dame Dash was slated to auction off his stake in Roc-A-Fella Records this Thursday (August 29), but it appears the Harlem native will maintain his one-third ownership for a bit longer. A judge ruled on Tuesday (August 27) that the auction will be delayed until next month with the price of the stake doubling to cover Dame Dash’s tax debts and child support payments.
Billboard obtained court documents that Dame Dash will not hold the auction today after U.S. District Court Judge Robert W. Lehrburger ruled on Tuesday to grant a motion that moved the timeline of the auction from August 29 to September 21. The value of Dash’s 33.3 percent Roc-A-Fella Records stake was speculated to fetch millions according to some observers and now the starting price will be higher than previously shared.
As the outlet reports, the extension was granted to determine who gets paid first from the auction proceeds. One of the bigger line items for Dash was to pay off a $823,000 judgment after a civil lawsuit filed by film producer Josh Webber over a business partnership that went awry. Further, New York City says that Dash owes $193,000 in back child support, and the state of New York says a portion of the sale should go toward paying down Dash’s $8.7 million tax debt.
Webber’s attorney, Chris Brown, filed the motion to extend the date of the sale to officially sort out the order of repayment. The asking bid for the Roc-A-Fella Records stake was previously $1.2 million but now the asking price sits at $3 million at minimum. New York City will collect its child support payments first, then $1.7 million will go to Dash’s back taxes, and Webber will be paid third in line.
Dash has been on record saying that he will grant the buyer of the stake a bespoke Roc-A-Fella chain from the label’s heyday that would probably demand a hefty fee on the open market. It isn’t known if Dash is still offering the deal.
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Photo: Source: Johnny Nunez / Getty
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Chain Will Have To Wait: Dame Dash Roc-A-Fella Stake Auction Delayed Over Child Support Dispute
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