New York State placed the winning bid at a Manhattan auction Thursday (Nov. 14) where Dame Dash‘s one-third share of Roc-A-Fella Records was sold.
An anonymous rep from Albany entered the winning $1 million bid, with the two closest bids coming in at $250,000 and $223,000, respectively. With the purchase, NYS hopes to flip the 33.3% stake to cover Dash’s massive tax debt of $8.7 million, The Post reports.
A creditors bid was used for the purchase, meaning there was no need to front the $1 million. The state can now also resell the share at no risk.
Jay-Z & Damon Dash during The 44th Annual GRAMMY Awards – Clive Davis Pre-GRAMMY Party at Beverly Hills Hotel in Beverly Hills, California, United States. (Photo by J. Vespa/WireImage)
More than $193,000 in unpaid child support is also being demanded of the music mogul, with the state taking it out of the bid money.
“The auction is over but the work is not complete,” said attorney Chris Brown, who represents two plaintiffs Dash allegedly owes money. “Mr. Dash’s legacy is now New York state property. I will work with New York state and New York City as the next phase of ownership of the shares.”
The auction was previously postponed due to claims made by JAY-Z, who asserted ownership of Reasonable Doubt , his first album and a large asset for the company, would revert back to him in 2031, regardless of who purchased Dame’s one-third share.
“Those statements are false and extremely damaging to the City’s interests in ensuring that the auction will generate sufficient funds to satisfy all existing child support arrearages and secure future child support payments,” Gerald E. Singleton, an attorney representing the City, wrote in the letter to United States Magistrate Judge Robert W. Lehrburge in September.
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