Dame Dash’s Roc-A-Fella Shares To Be Put Up For Auction After He Failed To Pay $800,000 Settlement

Dame Dash

Dame Dash’s Roc-A-Fella Shares To Be Put Up For Auction After He Failed To Pay $800,000 Settlement

Hip-hop veteran Dame Dash will officially lose his stake in Roc-A-Fella Records soon.

Reports state that the music exec’s shares will be put up for auction in the coming weeks.

The U.S. Marshal will reportedly put Dame Dash’s 33% interest in the company up for sale via public auction on August 29th in Manhattan. Interested parties will have to register for the event, and be prepared to bid a minimum of $1.2 million. Additionally, the purchaser will be required to place a 20% deposit of $240,000 at the time of the sale in order to lock in the deal.

Officials reportedly claim in court documents that the purpose of the auction is to collect on a judgment. As previously covered, the federal government seized Dame Dash’s Rock-A-Fella shares after he failed to pay an $800,000 settlement two years ago.

The music producer was sued by filmmaker Josh Webber for copyright infringement and defamation. Josh Webber took legal action against Dash for tarnishing his brand by continuing to claim he was a part of the movie Dear Frank after he was fired for allegedly showing up on set under the influence.

Dame Dash

Dash was ultimately found liable and was ordered to pay Josh Webber the hefty sum, which he ultimately defaulted on. It does not appear he’s spoken about the situation publicly at this time.

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[VIA]