Damon Dash, the co-founder of Roc-A-Fella Records alongside Jay-Z, has filed for personal bankruptcy in Florida, revealing a staggering $25 million debt burden against minimal assets worth just $4,350.
The 54-year-old hip-hop mogul submitted his 56-page bankruptcy petition on Thursday (as per Rolling Stone), painting a stark picture of financial collapse for the man who once stood at the pinnacle of the music industry. Dash’s filing reveals he currently has no monthly income, no house, no car, no publicly traded stocks, and no retirement account.
His worldly possessions consist entirely of two firearms, fur coats, jewellery valued at $2,500, designer clothing, televisions, computers, and various electronics. The former Rocawear executive claims to have only $100 cash in hand at the time of filing.
The overwhelming majority of Dash’s debt stems from $19 million in unpaid taxes owed across California, New York, and New Jersey. An additional $4 million burden comes from a default judgement in favour of filmmaker Josh Webber, who successfully sued Dash for alleged defamation on a podcast.
Domestic support obligations add nearly $650,000 to the debt pile. This includes $160,000 owed to his ex-wife Rachel Roy, the fashion designer and mother of his two daughters, alongside $207,600 owed to Cindy Morales, who is the mother of one of his sons.
Dash announced the bankruptcy filing to his 1.3 million Instagram followers on Friday, posting simply: “Now let’s get to work #staytuned.” He also shared a video showing him playing with his four-year-old son Dusko, whom he shares with fiancée Raquel Horn.
Horn, an author and wellness advocate, regularly documents their life at a lakefront property in Winter Haven, Florida, through social media posts. Public records show the suburban Tampa home was purchased for $1.2 million in 2022, with Horn listed as the primary owner.
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The bankruptcy filing marks a dramatic fall for the entrepreneur who co-founded one of hip-hop’s most influential record labels. Roc-A-Fella Records launched the careers of numerous artists and helped establish Dash as a prominent figure in music business circles during the late 1990s and early 2000s.
Dash played crucial roles in promoting artists including Cam’ron and Kanye West during their early career phases. His business ventures extended beyond music into fashion with Rocawear and various other entertainment projects.
The Florida bankruptcy court will now oversee Dash’s financial restructuring as he attempts to address the substantial debt burden whilst maintaining minimal personal assets.
