It’s a “Hard Knock Life” for hip-hop mogul Damon Dash.
The Roc-A-Fella Records co-founder has fallen on hard times, with an empty bank account and millions in debt.
Dash filed for bankruptcy, saying he has more than $25 million in debt, yet only $4,350 in assets.
Dash, 54, submitted the Chapter 7 bankruptcy filing on Thursday, Sept. 4 in U.S. Bankruptcy Court for the Middle District of Florida, according to court documents obtained by People and All Hip Hop.
Related: Damon Dash Says Black Media Gave Jay-Z ‘A Pass’ for Decades
He launched Roc-A-Fella Records in 1994, with fellow entrepreneurs Jay-Z and Kareem “Biggs” Burke. The label produced a string of hits including Jay-Z’s “Hard Knock Life” and signed new talent like Kanye West. But over the years, Dash spent his earnings and the debts piled up.
He blames legal battles, tax liabilities and unpaid child support payments for his financial troubles.
According to the bankruptcy filing, Dash earns $0 in monthly income. He does not own a home or car. He lists his assets as a $500 cell phone, two guns, $2,500 in jewelry, clothes, and $100 in cash — adding up to $4,350. Yet he has $5,200 in monthly expenses.
As for his debts — they are massive. He owes more than $19 million in taxes and fees to various government entities, including the Internal Revenue Service, New York State, New Jersey, and Los Angeles County.
He lists a $4 million debt to movie producer Josh Webber after losing a legal dispute. His ex-wife, fashion designer Rachel Roy, is owed domestic support, as are two other former partners — totaling $647,000.
In November 2024, New York state purchased Dash’s one-third stake in Roc-A-Fella, Inc. at auction to cover his back taxes, the New York Post reported. The state entered a $1 million bid in hopes of flipping the asset to settle an $8.7 million tax liability.
Just a few years ago, the mogul was producing films and television shows, and inked a deal with Fox-owned streaming platform Fox Soul.
As previously reported, Dash signed a contract to bring four hours of weekly original content to the platform via his Damon Dash Studios.
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