by Daniel Johnson
November 17, 2024
A New York representative placed the winning bid of $1M for the shares at a recent auction.
On Nov. 14, an anonymous Albany Representative purchased the one-third share of Roc-A-Fella Records formerly owned by Dame Dash.
According to WBLS, the representative placed a winning bid of $1 million that far outpaced other bids of $250,000 and $223,000.
The purchase was facilitated through the use of a creditor bid, which allows the state to acquire the stake without having to pay the amount at the time of purchase.
The State of New York intends to resell the stake in an effort to recover some of the funds spent without taking on any additional risk in an effort to collect on the $8.7 million in tax debt owed by Dash.
In addition to this sum, $193,000 of the sale will be set aside to address Dash’s unpaid child support.
Roc-A-Fella Records was founded by record executives and entrepreneurs Shawn “Jay-Z” Carter,Dash, and Kareem “Biggs” Burke in 1994.
Previously, Carter tried to block the sale by asserting that the rights to “Reasonable Doubt,” his debut album, would revert to him in 2031, but this was challenged by city attorneys who argued that Carter’s statements were misleading and could deter potential bidders and damage the credibility of the auction.
Natraj Bhushan, one of Dash’s lawyers, noted that Carter’s absence was curious.
“I think it’s surprising not to see Mr. Carter here bidding on a one-third interest. Now he has the government involved in his affairs,” Bhushan said.
Although on paper, New York State is set to take an active role in managing the piece of Roc-A-Fella formerly owned by Dash, their sole interest in the asset seems to be about generating a sale of the part of the company they now own, although it remains to be seen if they will find a buyer.
Chris Brown, an attorney representing plaintiffs owed money by Dash, indicated that he would be working with New York State and New York City.
“The auction is over, but the work is not complete. 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 unfolds,” Brown said.
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