Dame Dash will likely get zero dollars, when his one third interest in Rocafella is auctioned off in a few days.
The Roc-A-Fella auction is being held to satisfy an $823,000 judgment against Dash, won by movie producer Josh Webber in a civil lawsuit over a failed film partnership. But Dame Dash thought that he would receive any amount over $823,000 that a bidder paid.
That’s not going to happen.
In a motion filed Wednesday in Manhattan federal court, New York’s Department of Taxation & Finance asked to legally intervene in the proceedings ahead of the Aug. 29 auction, in which the United States Marshals Service will auction off Dash’s 33.3% interest in the storied record company.
The tax authorities claim that Dash owes more than $8.7 million in unpaid taxes and penalties from personal income he reported from 2005 and 2018 – and that the Roc-A-Fella auction might be their last shot at recouping a debt that has been “delinquent for far too long.”
The auction is expected to bring in between $1M and $8M for Dane’s asset.
Here’s how the money will be paid out, according to New York law. First dibs goes to the lawyers and administrators who are setting up the auction. The fees are expected to be somewhere in the $100k to $200k range.
New York City’s Department of Social Services will have second dibs, since Dash also owes a total of $145,096 in unpaid child support.
Then, New York State will have third dibs – getting all the money up until they get paid their $8.7M.
Any extra money will then to to pay Josh Webber’s $823,000 that he’s owed.
And only after everyone is paid, will Dame get anything. That means unless the auction goes for more than $10M, which isn’t expected, Dame will get nothing.
[social_warfare]