: MediaTakeOut.com was the first news source in the world to tell you about Damon Dash's financial troubles. Well they're just getting worse. We learned that on Monday banks moved in to foreclose on Dame's home.
Here's how the NY Post is reporting it:
Eastern Savings Bank has filed suit against entrepreneur Damon Dash, charging the Roc-a-Fella Records co-founder hasn't made a payment on his $78,504.20-a-month mortgage since January.DANG!!"YOU ARE IN DANGER OF LOSING YOUR HOME," reads the foreclosure action against Dash and wife Rachel Roy.
78, 000 a month..LMAO.
Why don't millionaires buy property out right? Then alll you have to do is pay taxes once a year?
This confirms the fact that the majority of these guys a frontign liek they have money and really don't.....having a net worth of 1million dollars is different from actually having 1 million dollars.
Only the smart people will understand what i'm saying
Inhis defense..he probably has several properties...due to the market he couldn't sell this one. Seeing that he could no longer afford it, he let the bank take it.
Its still a lesson in over extending your finances.
Get of jay Z's dyck...he isn't as rich as he claims..........and being rich isn't everything you vain MTO phuck heads
DAMN I DONT THINK MY NIGGZ IS STILL POPPIN TAGZ ERREDAY...AND I BET HIS WHITE TEES GET MORE PLAY THAN JUS 1 WEARING...DAMN HOVE FUCCCED THIS DUDE OVER...HE CANT SEEM 2BOUNCE BACK...SHIIT IZ WORSE THAN A DIVORCE...I KNO ERREMAN SHOULD STAND ON HIS OWN 2...BUT JAY REALLY FUCCED HIS BOY OVER...AYO LA REID GIVE THIS DUDE A JOB... LET EM RUN THE ROC...CUZ EVEN HIP HOP AINT BEEN RITE SINCE THE BREAKUP...MTO EMAIL LA REID, SAVE THIS DUDES LIFE...HE MITE FUCC AROUND AND KILL HIMSELF IF HE GOES BROKE...
I can't understand how you have MILLIONS of dollars and still have a mortgage!!! Why wouldn't you buy the home outright? But you go out and spend $300k on an effin car or piece of jewelry...
I will never understand SOME of my people! Why are you not out trying to secure your future? Oh well....that's his dumbness. Best of luck with that...*rolling eyes up in my head, looking disgusted*
Why do you need a $78,000 a month house. You can be fly in a cheaper house. You can get a house for half that, invest the other half and live off the intrest! Nucca's are so stupid! Black people, invest in your lives for the long run. Others do it all the time. Dame with his lame broke ass! Why I oughta!
78K a month? Geez. I don't know why these people don't buy their houses right out. The purpose of buying a house is so that one day you can own it. So if you have the means to own and don't worry about payments, why no do it?
Some idiot accountant or financial advisor probably told him "get a mortgage and it can be a tax write off" That is the worst advice ever. The tax right of miniscule compared to the damage a foreclosure can cause.
I recently heard that she got some fantastic deal with some company in support of her clothing line. I thought she was making dollars. She probably would be better off without him, he probably brought a lot of debt into their relationship. Why didn't they put more money down on their house rather than pay such a huge montly mortgage. He owe over half a mil on that, they need to move out and get a three bedroom somewhere.
ugh! just pathetic! how are you going to OWN or at least formerly own a successful record company and lose your house!? makes no effing sense! what he should done was buy something outright that he could afford and pay for in cash! SMDH! financial education classes are a MUST in these public school system!
DAME NOT BROKE. HE MAY LET THIS HOUSE GO CUZ LIKE EVERYONE ELSE IS DOING THEY SAYIN FUCCK IT TO THE BANKS AND KEEPING THEIR MONEY AND DOING OTHER STUFF. UNLIKE MOST OF US DAME HAVE THE MONEY TO FIX WHATEVER CREDIT HE MESS UP CUZ WHEN U RICH CREDIT DON'T MEAN SHIIT. THEN U HAVE SOMEONE SAYING JAY DON'T HAVE MONEY LIKE THAT BUT JAY IS THE ONE THAT GAVE DAME $5 MILLION OFF THE BACK WITH EASE WHEN NO ONE GAVE HIM SHIIT WHEN HE WAS HAVING PROBLEMS WITH PAYING TAXES IN NEW YORK. SO IF THATS NOT MONEY THEN WHAT IS?
@ TuthBtold
The majority of which still pay rent and don't on shyt of real value. -------------------------------------------------
I really do not get on people but you are really trying to come off as so much more intelligent then everyone else...your name says it all "Toothe Be Told" that sounds very far from the TRUTH...as for your comments...calm down why does everyone have to be dumb phucks, and stupid and all of those negative terms? If you are so much more intelligent and have better things to do...then get off of MTO (you are a slave as well)...and do something that can help somebody.
Celebs make bad decisions too. Just because someone has money does not mean they know how to properly manage it. Lighten up...God gave us room to make mistakes...it makes him come out on top!
2 Corinthians 12:9
My grace is sufficient for thee: for my strength is made perfect in weakness.
God loves Damon Dash...He created Him!
This story was in today’s New York Post. Good for him, he’s a nasty arrogant dude and all the bad he's done to people has came back to bite him in the ass. And whoever, said his wife just got a 4 billion dollar deal is hallucination that is impossible, Her clothing line began to struggle last year even though she has nice sh** it's a recession not everyone is buying 300 dollars tops these days.
I'd chop my arm off before i paid that much for a house, even if i DID have millions. If u got a little money, buy your house outright. It's your's. nobody can take it from you. Just worry about your taxes and figure that into your yearly icome. So simple. I need to be some of these folks accountant.
While I never liked Dame. This aint nothing to laugh at. I cant wish harm on no one cause nowadays $hit comes back faster then a mug. But Dame if u get this issue fixed learn from it. Treat people in and out of your circle better. And stop acting like a cocky fool. You dont rap you dont sing just stay in the back and be thankful the world knows ya name.
@ Trooper
You right. You never heard anything about Rakim, his money, his private life, or his latest projects. Just do what you do and keep it movin'. Dame has always been about show and flamboyance. Now he has to deal with his sh*t being made public. You wanna stay in the public eye, well stay in it for better or worse. No sympathy for this ego maniac and his BS ways. He said he made HOV, well obviously Jay didn't take his advice.
Let this just be a lesson to everyone. I agree with everyone that said that it would have been wiser to not take up a mortgage. We don't have to sit here and laugh at this man's misfortunes because everyone makes mistakes or goes through hard times. Karma is a bitch, and its easy to say what we may or may not do in a situation if the shoe is on another foot. Now about this Rhianna thing..I just ran across an article:
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Rihanna’s now ex-business manager Patricia Williams has been recently fired as she says “for no good reason, all in ignorance” and is “livid” with Rihanna & her management company Rebel One’s decision to fire her. Rihanna recently met with Willliams to check on her accounting affairs and was shocked to see that almost all her money was missing.
She instantly accused Williams of “stealing her money.”
Patricia Williams speaks..
“I’m a professional Business Manager, I have a staff of more than a dozen, I have worked for many high profile actors, musicians and multi-million dollar corporations. Why would I steal from Rihanna? I showed her all the paperwork and tried to explain to her the circumstances but she wouldn’t listen. She called me all sorts of horrible names and stormed off. I now feel compelled to share with the world the background story as I will not allow my name to be slandered”
The Barbados born singer has had four back-to-back albums, including a re-release since her debut of “Pon De Replay” in 2005. According to Willliams, Marc Jordan, manager and owner of Rebel One Management has been taking care of Rihanna’s financial situation with her.
“Def Jam doesn’t fund Rihanna properly, so Marc uses the money Rihanna makes from third-party endorsements and from tours to fund her album and music videos.”
“Since 2005, Rihanna has been sponsored by the likes of JC Penny, Samsung, CoverGirl, Secret, Venus Breeze etc, and has gone on two major tours, most recently label-mate Kanye West’s “Glow in the Dark” Tour and with [EXPLETIVE] Cat Dolls across Europe. I don’t want to disrespect Marc’s name. He is a fantastic manager and genuinely believes in Rihanna. But he uses her money to fund her future projects because he believes he can break her in the world-market. Her album sales are not nearly as close to her single sales and he knows that if she is only known as a ‘singles artist’ she will only be as good as her last hit. Unfortunately, he didn’t inform his client and I’m receiving the brunt of it.”
“Her record label Def Jam has put out 3 albums in a time span of 2 years. A lot of that was orchestrated through her management Rebel One. It was never Def Jam’s intention to release so many albums back-to-back but Marc Jordan found loop holes and ways to make it happen. A lot of the money Rihanna made was through her endorsements between CoverGirl cosmetics, Samsung.. Notice that majority of Rihanna’s videos have a cell phone in it?”
“After the release of Rihanna and Teairra Mari, Def Jam had the intention to drop both acts because their album sales were not successful. Her manager fought to get “S.O.S (Rescue Me)” and quickly tried to negotiate with as many companies as possible. Nike picked up the song and funded a video.”
“This brought the hype back for Rihanna in the company’s New York office. The majority of the official ‘S.O.S’ video was funded by Samsung because the record label was only willing to put up a small amount. Once ‘S.O.S’ picked up digitally and at radio, Def Jam agreed to fund the rest of her album. Jordan instantly got a video shot to ‘Unfaithful’ (he negotiated with video director Anthony Mandler to drop his price and would be given more videos from Rihanna in return).”
“Then they shot ‘We Ride’ which was an extremely cheap video to create. ‘Break It Off’ was released as a third album, but again, Def Jam was unhappy with the sales of her album A Girl Like Me and refused to shoot a video.”
“At this point Rihanna was opening up for the [EXPLETIVE] Cat Doll’s in Europe. She was making 30,000 a show but she didn’t see any of that money because it was needed to fund her next album.” Which is now known to the greater public as a Good Girl Gone Bad.”
“The song “Umbrella” was found & Jordan fought again for Rihanna to have it. They shot the video, which CoverGirl funded half of, and the song became a success. When the record label had their meeting with Music Stores across the U.S to order her album for shipment, the number’s weren’t coming in the way that they expected.”
“When the album’s first week numbers came in at less than 150,000, the label was shocked. Def Jam’s President LA Reid was livid! “Umbrella” was #1 for 11 weeks! Any other artist would have sold way more first week. T-Pain even did better in sales than her that week. Def Jam told Jordan they were no longer funding the album, so Jordan needed money again to pay for music videos ‘Shut Up & Drive’ and ‘Dont Stop The Music’. Almost 250,000 was spent to have those videos created. Plus, an additional 120,000 to shoot ‘Hate That I Love You’.”
“Jordan was noticing that ‘Dont Stop The Music’ was picking up, so he persuaded the label to support it at radio in the U.S and the remaining singles, and they did. Then came for the repackaging of her album Good Girl Gone Bad, which is called Good Girl Gone Bad: Reloaded, that entire project was funded through Rihanna’s money.
“‘Take A Bow’ was bought through her money, the video was created with her money and so is her most recent video and single ‘Disturbia’. The label didn’t even want to pay a dime for anything! Close to 750,000 was spent on those two songs alone. And now she expects to see money in her account?”
Williams states that Jordan, her publicist from well-respected public relations firm 42-West, Alicia Silverman has built alot of hype around Rihanna’s name but the singer has only made “a little bit above a million” and “all of it was spent on making her as big as she is now.”
“It’s not my fault that she only has 20,000 to her name.”
System VII, LOL I have no idea! SUPPOSEDLY, It came from the NY Times or NY Post..DOUBT IT! I guess thats the reason for it being placed in the "rumors" section of the site. I just thought that the information would be interesting to those that brought it up on MTO. Even if it IS accurate, it goes to show that everyone that has money doesn't necessarily lose it by spending it on bling. It helps to answer the question of "What the hell happened?!?"
Wow..its very unfortunate...Its kind of corny that these entertainers can't manage their money any better than that. Goes to show you can't live beyond your means. Dude was pretty arrogant, never was really all that humble.
Regardless I hope dude learns from this and get his finances on track..I don't wish hard times on anyone.
This guy had a record label, clothes line and what else? SMH....some celebs need to take a course in financial management just like the average person.
As for the Rihanna article and missing money, Bill Cosby says to "sign your own checks." You must know where your money is going.
Plus, these record companies are nothing but sham artists. You have folks like L.A. Reid walking around with bling while a talented artist, who can sing, sells many cds, is making a pultry income. I wouldn't have it and I wouldn't be so desperate for a record deal to tolerate that BS either. The moguls are making their riches off the backs of their talent and that just shouldn't be. After LaFace had financial difficulties with so many artists, I don't trust L.A. Reid anyway. From Toni Braxton to TLC.
It's true. If you go to the New York County court records on line, he has to go to court on 9/16/08 about this.
County: New York Index #: 116452/2007 Case Status: Active Plaintiff: 25 WEST 39TH STREET HOLDINGS Plaintiff Firm: WACHTEL & MASYR, LLP Defendant: DAMON DASH ENTERPRISES I Defendant Firm: ADAM RICHARDS LLC Appearance Date: 09/16/2008 Justice: SHULMAN, MARTIN M
DAng man ads why u dont go out and get million dollar homes, with high taxes, and when your money gets hort u lose it all, man just get a 5 bed room house with a full basement pay cash and be done, while u riding high, so when ur money get weak , atleast u own your home and dont have a mortgatge, just cause u on tv dont mean u live like a tv star
Again I can't stress this enough. All that talk about Ice, platinum chains, fancy cars and all that bull sh%t don't mean a thing when its time for the banks to foreclose your home for deficiet of morgage payments. Kanye's moms home got forclosed on too, right? Oh, and theres lil kim, Baby, and oh scott storch. What a fantacy world the music business must realy be. All this talk about having lots of money, fancy $500,000.00 + cars, and expensive jewelery, is a freaking hoax; the banks are closing in on the frauds...
ea i looked it up this is title search name Dash Damon / Roy Rachel on 02/26/2004 he payed $3,875,000.00 70/80 he put down 1,162.500 his second is 387,500 its a condo 5,142sf the seller when he got it is Ewart Joseph who is he? but [EXPLETIVE] he can pay his dam bills? that [EXPLETIVE] need to stop flossing.
