Dame Dash – Source: Monica Morgan / Getty
Dame Dash can put all the drama around his 1/3 share of Roc-A-Fella behind him after New York State purchased the property.
The 1/3 of Roc-A-Fella Records owned by Dame Dash has been the center of attention since the announcement the shares would head to public auction. While the sale was intended to pay off a $832,000 judgment against him it seems Uncle Sam wants his money first. New York State bought the 1/3 shares of Jay-Z’s iconic Roc-A-Fella records at a private auction on Thursday.
According to the New York Post, the state won the auction with an anonymous $1 million bid. The state plans to sell the 33.3% stake with enough profit to cover Dame’s $8.7 million tax debt. Also, the state didn’t have to front the cash to cover the purchase because they used a “credits bid” to win the auction.
Jay-Z has already filed the proper paperwork putting whomever ends up with the shares on notice eventually it will revert to him in 2031. The only question is if $8.7 million is worth Hova paying to obtain ownership six years early. After all, purchasing from the government should be easier than a potential clout chaser. Roc-A-Fella only owns one asset, Jay-Z’s first album Reasonable Doubt.
Is the steep price worth paying $8.7 million to own 1/3 of the album for a limited time?
The post Plot Twist: New York State Buys Dame Dash’s 1/3 Of Roc-A-Fella Records In Hopes To Recoup $8.7M In Back Taxes appeared first on Bossip.
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