There is a very real reason as to why some of us say, “There is no retirement and pension plan in Hip Hop.” That reason is because it’s true. A lot of guys who lived out the very definition of “ballin out of control”, are now wishing they hadn’t wasted their money on things that in the long run couldn’t matter. Unfortunately according to The New York Daily News, we’re learning that infamous Hip Hop Mogul and once king of the game, Damon Dash is probably one of them.
According to reports Damon Dash is so deeply in debt that he is claiming in court documents that he faces imminent eviction from a rented mansion in suburban Carmel, N.Y.
That’s not called being so deeply in debt that you can’t survive, that’s called if you don’t have it like that to live in a mansion anymore, then move to what you can afford and make it nice to live in. Downsizing is way better than trying to maintain something you simply can not afford.
“I am currently several months behind in paying my personal bills,” he wrote Tuesday in the 5-page filing. “For instance, I am currently over $100,000 behind in rent for the only home in which I live and at risk of being evicted.”
Dame, the former musical partner of Jay-Z in the early days of Roc-A-Fella records and the clothing line Rocawear, told a magazine interviewer once that he “ruled a $50 Million empire.” Many have often wondered over the years what had become of his side of the money after he and Jay split in 2004.
A lot of his fortune appears to have been eaten up by lawsuits from landlords, fashion designer Charlotte Ronson and a celebrity bodyguard firm.
Dash says the “Fresh to Death,” business didn’t work out because of;
“poor business decision made by my partners.”
But in more troubling, flat out worrisome news for the one time, big baller, according to his court filing, Dash faces possible criminal prosecution for non-payment of taxes in New Jersey. Court filings showed Dash also owes more than $2 million in taxes to New York state, and he owes federal income taxes as well.
As we have seen in recent days, the Government is not playing around with millionaires of Hip Hop who owe back taxes. They will throw people in jail quicker than you can say, Jay’s your uncle! If we were in Damon’s position, we would be holding a garage sale in the front yard right this very minute!
That is the downside of this game. It lavished untold fortunes on a few individuals for a while in the 90′s and allowed for them to believe that money would always be pouring in. They hired people to watch their money that were often incapable of accounting for those large amounts of money or who ended up stealing from those stars, and the result was a lot of disillusioned men and women who thought their finances were being looked after properly when they were not. Many of those people have faced prosecution for tax evasion or tax fraud as a result.
The New York Daily News article referred to “a September 2011 article that portrayed Dash as still living large, describing his Carmel home as equipped with a full music studio, a pool, hardwood floors and a spectacular view.” Anyone with any knowledge of Hip Hop and how the game works would know, that most people are not really living the way they claim they are. Most rappers make less than a kid who works at Target or Walmart when the actual check rolls in. But they have on the gear and the diamonds in their ears and retro Jordan’s on their feet, so everyone thinks they’re worth much more than their bank accounts reflect. It’s just how it works…or doesn’t work depending on how you look at it.
In a sworn statement asking a judge not to garnish his wages, Dash disclosed:
“- He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on properties.
– New York state forces Dash to send another $4,341.10 per month for support of his son, Christian.
– He paid nearly $20,000 in garnished wages in late 2012 for other debts.”
– And he faces a pending $40,000 tax payment for business earnings.
Dash said that his debt has;
“Made it not only nearly impossible for me to maintain my businesses, they have caused me to fall far behind on my personal expenses,”
Yet another lawsuit, had him battling in a Manhattan Supreme Court on Thursday over a charge regarding his alleged ignoring of a 2008 lawsuit from a garment industry lender that wanted the repayment of a $237,078 loan.
Dash said through his attorney Gregg A. Pinto;
“I’m an independent businessman and this is what comes from business. I have the guts to fight my battles on my own and it’s entertainment to everybody else because I’m so cool about it.”
Let’s be clear, this man has the knowledge, skills and abilities to rise from the ashes and make great things happen. He would be an asset to anyone already in a position of power as his business sense is stellar, despite the recent set backs. He was raised to lead and to prosper, it’s in his DNA. Dash should be on top. But, his self professed treatment of others underneath him had a great deal to do with the bridges that subsequently got and remained burned after he and Jay split. If he can take this lesson and remain humble, he could easily do this all over again. Something tells us not to count this guy out just yet.
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