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The auction date for Damon Dash's stake in Roc-a-Fella Records has officially been set following several delays.
According to a report AllHipHop published on Saturday, October 19, the United States Marshal has scheduled the auction for November 14, 2024. Dash's one-third stake in the iconic record label, which holds the rights to JAY-Z's Reasonable Doubt, is set to be auctioned for a minimum bid of $3.2 million. The co-founder of Roc-a-Fella is reportedly seeking a multimillion-dollar payout for putting up his share, however, several people are currently waiting in line for payment including the U.S. government.
The overall purpose of the sale is to help Dash pay off some huge debts including $8.7 million in back taxes and $193,000 for child support. In addition to the nearly $10 million he owes, the music executive also has to cough up $823,000 to satisfy the judgment payment he owes to filmmaker Josh Webber and $30,000 to photographer Monique Bunn, who reportedly won a libel lawsuit against Dash. As if that's not enough, he also owes $7 million in state taxes.
The auction of Dash's shares has been in the works since the summer. It was originally supposed to happen at the end of August, however, a federal judge approved a motion to reschedule the auction after the asking price was increased from $1.2 million to over $3 million to help pay off his child support and taxes.
As of this report, it's not clear who will try to cop Dash's stake. Drake reportedly offered up a number to Dash, but the deal never materialized. In an attempt to sweeten the deal, the filmmaker and producer also offered to throw in his iconic Roc-a-Fella chain as a bonus for whoever places the highest bid.