Damon Dash and his wife, fashion designer Rachel Roy, are in danger of losing their two Manhattan apartments to foreclosure.
According to bank filings, Dash and Roy owe $7.3 million on the two properties and foreclosure proceedings have begun. Dash and Roy failed to meet monthly mortgage payments of $78,500 on the two pricey properties.
Lately, Roy has been struggling to keep her company afloat in a fluctuating economy. And no one knows what Dash does for a living after he sold his stock in Rocafella Records and Rocawear to former business partner Jay Z.
This entry was posted on Wednesday, August 20th, 2008 at 3:02 pm and filed under Business, Business women, Celeb Real Estate, Celeb couples, Celeb news, Law suits/litigation, Money & Finances . You can follow any responses to this entry through the RSS 2.0 feed or Trackback from your own site. This site is Gravatar enabled. Sign up to upload your own avatar.
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Wow…product of mismanagement of money???
Sandra, how many times did you try to convince ery’body that Dame was the business genius of the roc??? How many times did you try to tell us that he was gonna replace Jay at DefJam??? Guess you were wrong huh………..
Maybe Jay-Z can help him.
lol @ Dame Dummy… Shouldn’t of burned that bridge… Goes to show you can have millions and squander it all trying to show off and floss for people…
hopefully they can keep at least one of their homes…
this is ridiculous. maybe i’m just country but if even if i made all the money that Dame made, i wouldn’t feel the need to have 78,000 in monthly mortgages. what ever happened to paying cash for property in case all fails, you OWN your home(s). maybe that is just what they teach where I am from, but we never needed tvs in the bathroom and gold toilets either- whatever- that is the difference between being rich and country and being rich with a hint of ‘hood. even if i had millions, i don’t think i could squander it on overpriced cars, ridiculous jewelry and APARTMENTS (buy houses/land people). i know i would never EVER be broke again. damn Dame.
i wonder if his wife still has a nasty azz attitude since she is keeping her head bove water these days.
Did I miss the memo that said wearing Steve Urkel glasses was cool beans?
what he do with his money ?
who are these accountants that stars hire to do their books?
and Sandra, you would post the pic of Dame wearing them glasses.
and Dame owns about 5 homes (which i dont know why you need 5 homes anyway) and i heard the 2 in Manhattan they hardly stay in. either way forclosure can happen to anyone…well maybe not anyone, ::coughs:: Bill Gates ::clears throat::
@ AKAtastrophy1908: COSIGN!!!!!
Dame got a hellified stash of cash when Jay bought him out of Rocafella and Rocawear. What the hell did he do with all that money? I heard he used a chunk of it to finance his wife’s company and other unsuccessful dealings…
*ROLLS EYES*
Why the hell were they renting?! BUY a place to live, with all that money he got, he coulda paid cash for both apartments and owned them flat out. Real estate in NY is out of control, that’s one hell of a write off AND an investment. Sigghhhhh…why do the stupid people seem to get the money??
@ purepisces, can you be foreclosed out of a rental home or is foreclosed kinder word for evicted?….
Question, who EVER thought DAME was the BRAINS behind the ROC major and most profitable business moves?….is that a joke…
#10 I heard the same thing, the three he lives in don’t have the issue. These two that are in foreclosure has been vacant for a long while
I think this is a result of bad money mangement and forgetting that what goes up can come down. Don’t burn bridges bcuz the same people you step over to get to the top may have to give you a place to stay one day……..
I was about to say, “What’s Spike Lee doing with Dash’s wife?”
GIRL!!! Hune-E…I read one of your comments on FRIDAY and I have to tell you….I was cracking up…NO!! you don’t understand. I was cracking up, spiting up and damn near throwing up my juice I was laughing so hard.. Girl if we had a vote for the best comment of the week….I would have voted for yours 100 times. I think it was one with the list of how to get fame on Sandra rose.com…yep that’s how funny it was…I don’t remember the post…I just remember falling to the floor….DEAD
@ggouch - my bad, I meant making payments, not renting. But shyt, it’s the same difference…until you pay it off, you don’t own a daym thang, the bank does!! He had the money to buy both properties flat out…
you are right mama!! who does that. RENT when you can buy….Hell they even have classes for us broke people on how to stop renting and start owning!! I feel you
Whre is Donald Trump when you need him? Oh, he is busy saving Ed McMan.
@ggouch
GIRL!!! Hune-E…I read one of your comments on FRIDAY and I have to tell you….I was cracking up…NO!! you don’t understand. I was cracking up, spiting up and damn near throwing up my juice I was laughing so hard.. Girl if we had a vote for the best comment of the week….I would have voted for yours 100 times. I think it was one with the list of how to get fame on Sandra rose.com…yep that’s how funny it was…I don’t remember the post…I just remember falling to the floor….DEAD
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
U never lied! That was hilarious HunE!!!…………….
@ggouch OKAY!?! I’m workin on buyin a place myself! Gotta upgrade the money comin in, and pay off some debt. Hopefully by the end of next year I’ll be in my flyazz condo with hardwood floors…gotta have workout facilities too, maybe a pool…no damn playground either!! Too many rugrats at the place I’m at now!! LOL!!
ggouch Says:
you are right mama!! who does that. RENT when you can buy….Hell they even have classes for us broke people on how to stop renting and start owning!! I feel you
______________________________________
I already been through my classes! I currently have two offers out on houses right now!
Keep your fingers crossed!
That nicca should have stayed with the ROC- HOV!
@Black Bauer
Amen
I will say this in Dame’s defense a lot of that money that he got was taxed. And if he own’s those homes and was not staying in them shouldn’t he have been renting them out so that someone else you paid the note.
Its cheaper to let the houses go if you cant afford them.. Keep your cash and start over. Dont waste it away on some 80k a month joint you don’t own. Get out now and start over. I bet he still has some cash stashed in the sums of millions.. At least I really really hope thats the case.
Come on Dame, snap out of it…you are a true entrepreneur! I know you got some good ideas up your sleeve..you still got it boy, you made it cause of your brain power, your ideas, your thinking outside of the box, your believing in yourself and your ideas, your natural confidence, your know how, your connects, your free risky spirit, your follow through, your swagger, and your ambition….defeat you, never…now start over, GO…
What an idiot, why in the hell do all of these celebs with millions upon millions have MORTGAGES anyway?! Insteacd of buying 8 multimillion dollar homes why not buy ONE and pay for it in full…OWN your ****. I just can’t feel sorry for any of these foolish ass people.
Just a friggin mazin… give the Avg single mother a MILLION … just ONE MILLION .. and she’ll show you HOW to make it STRETCH …
buy a house CASH that you can afford the TAXES on … buy a Decent car with a NICE warranty… Put some in the retirement fund/collenge fund .. and buy some STOCK …
and she will prob STILL have 500k left …
Fee… Fi … Fo .. Figga … BOY how I HATE nuccas !!
@Kymystry,
I totaly agree with u….Ive learned from my life experiences that having a peace of mind & having your priorities straight outweighs trying to live your life impressing other people…Which is one of the main reasons people end up in debt….
@purepisces…….Wow you just described my condo and its ammenities. Its a trip that sometimes we dont think of the things we have as possibly being someone elses dream! Thanks for reminding me how blessed I am!…….