Wednesday, August 20, 2008

Did Music Mogul Damon Dash Default?

Uh oh.

According to the venerable International Herald Tribune, music mogul Damon Dash and his fashionista wifey Rachel Roy are facing foreclosure on a couple of Manhattan condos. Property records show the hip hopping couple own a dee-luxe doo-plex at the Atalanta building on N. Moore Street as well as a triplex penthouse located atop The Sugar Warehouse building on Laight Street.

According to property records, reports and court filings, the alliteratively blessed couple carries a whopping $7,300,000 mortgage on the N. Moore Street condo, which is comprised of two combined units. Mortgage holder Eastern Savings Bank, the entity that initiated the uglee foreclosure proceedings, claims the couple were meant to be making monstrous monthly payments of $78,500, a number that is larger than most people in this country make in an entire year.

Listing information shows that Mister and Missus Dash recently had the 2 bedroom and 2 bathroom Laight Street triplex on the market for $3,650,000 which would have put some paper in their pockets, but the penthouse appears to have been taken off the market recently.

Your Mama can not fathom how a man who recently told New York Magazine that he estimated his net worth to be "around $50 million" could possibly find himself facing foreclosure, but apparently and allegedy he is. Must be some kind of trouble in Mister Dash's hip hop paradise. Or, as we're sure his people will proclaim, it's all just some sort of mistake that will be cleared up toot-suite.

Some of the children surely recall that Mister Dash sold his big Beverly Hills abode in May of 2007 for a reported $3,600,000.


Anonymous said...

I don't understand how people can continually "make a mistake" by not paying their mortgage! If I missed my payment, I think I would the very least my bank would. Just another example of poor money management...I heard today that Rhianna is also near bankruptcy, with only $20,000 in available funds.

Anonymous said...

I went to an open house of the Sugar Loft condo in Fall 2002 when it was new. It was real azmazing, but the ceilings were way low, and the glass third floor opened onto a common terrace.

I think it was priced for around 2.1M then. It was a real nice buulding.

The 3 bedroom "raised ranch" setup was real nice too. That one was huge. But the apts had crappy views. But hey, I'd take it!

StPaulSnowman said...

Mama is it true? I was told that you are going to auction off your CNN interview polo shirt on Ebay and donate the proceeds to Ed McMahon. It's great that you want to help him. I don't want the shirt but I would put in a substantial bid if Beverly goes on the market.

Anonymous said...

file sharing is killing deeze niggas

Im a rappa produca n I am so upset

my sh*** ends up all over the net wen

I put it out

I sell like 200,000 records, can't live off of dat my label now gon broke

I used to sell 2 million a pop back n dey day

Anonymous said...

Monthly mortgage payments of $78,500 on a $7.3M loan?

A conventional 30 year loan on $7.3M at 10% interest would only be $64K per month. Doesn't make sense.

Anonymous said...

chemcil is killing meeze flees

Im a barkka curtoon n I am so upset

my sh*** ends up all over the flo wen

I put run my butt der

I made like 200,000 on nicklodeon, can't live off of dat my show now gon

I used to has 2 million brats watchin a pop back n dey day

Anonymous said...

You should stop rapping and take some English courses blues clues.

All these supposed "moguls" inflate their net worth. I'm glad to see these greedy punks losing it. That's what they get for being foolish with their money. Serves them right!

Anonymous said...

No G-V, G-V

Anonymous said...

I have to agree with anon 5:09...this new breed of hip-hop "entrepreneurs" inflate their egos by bragging on how much they allegedly have, but I don't think they understand things like cash flows, taxes, amortization, depreciation, etc...then, on top of that, they spend like they are Arab oil sheiks when in reality most of them have a few hot years, spend every penny they make, then when the hits dry up suddenly realize that just because you made $10-million one year doesn't mean you can spend that much every in point MC Hammer anyone? I wouldn't be surprised if the next one that goes under is Diddy or Jay-Z...and we all know Fitty-Cent is probably about a few months away from Mike Tyson levels of broke as well...

Anonymous said...

anon 4:14, you are right that it seems high for that mortgage, but that monthly "mortgage payment" may also include property taxes and insurance, which are typically paid through the monthly payment. Still though, unless for a few years they had a negative amortizing loan that kept pumping liability into their loan balance, it doesn't seem right.

Either way, it's pretty clear that his estimate of his net worth is a little on the "I'd like to impress New York Magazine" side.

Note to these music/tv/movie moguls: we don't care how much you're worth unless you're handing it out to us.

Anonymous said...

Can't trust these rich niggas white black mexican they are all the same, hustla pimp 5 cent mentality

Even the rich ones have burned me and my friends for hundreds of thousands

I rented one of them my estate in LA

He did not show up but his posse did and they trashed the place, although I got a huge deposit, the damage was so great that I had to pay extra to get it back in new condition

and this nigga was white

nigga has nothing to do with race anymore, it has to do with the human condition, up bringing

I rent my places out to white folks as well and when they rent, they are very quiet, discreet and keep everything in tip top shape.

I am a black attorney and I am very ashamed on how far my race has digressed.

Anonymous said...

did a typo

what I meant to day is that the person that rented the estate from me was a white and black mix, he was a hiphop media mogul as well a total nightmare.

The white black and mexican folks I rented to are in entertainment, they are executives for TV, Film companies, and they are some of the best tenants I have ever had

so again it is not about race but about mentality, attitude and it seems that the hip hop crowd think they are gods with power and money.

Anonymous said...

Eastern Savings Bank is known in the loan business as a Hard Money in a lender of last resort. He must have had terrible, terrible credit. No high net worth individual would have a loan through them. The rates start at 10% and above (paying 2 or 3 points upfront) which makes sense...$78k is alot of cheese for a $7mil loan.

Anonymous said...

Mama, WTF? your comment section has been out of control for long enough don't you think?
I thought the Russian post was an aberration, but when you didn't criticize it, I honestly had to wonder.
There are sites where racism is acceptable and encouraged, has this become one of them?
Please let us know so that the civilized among us can be counseled to seek our reading elsewhere.

lil' gay boy said...

Thanks Anon 8:57; you clicked on "post" just before me.

Somebody's racism is showing……

……and trying to qualify those comments carries all the sincerity of The Grand Dragon of the KKK saying, "Ooops! Just kidding……" at a lynching.

The only question that remains is whether or not your racism is borne of fear or jealousy.

Alessandra said...

The inability to manage one's financial affairs crosses all socioeconomic, age and racial barriers. Ed McMahon is a case in point.

As for hip-hop artists, I'd bank on Jay-Z and Sean Combs any day.

Lots of people have cash flow problems, but they aren't well known enough to have their issues reported in the press. If Mister and Missus Dash can figure it out, good on them. If not, their failure is a failure of the human condition, nothing more and nothing less.

Anonymous said...

I think we're dealing with another visit from Serge/Average Joe/Blue/whatever he decides to call himself this we go again......:-(

Anonymous said...

I agree with anon 8:57. Why aren't you cleaning up in these threads? Do you want your blog to go down? Because that's the direction it's taking with those stupid comments. It's less and less fun reading.
For crying out loud do something!

Anonymous said...

wasn't me .....

for what it is worth you can get a hobo shack in san bernandino that used to sell for 400k for...............

92k woweeeeee !!!!!! :)

of course it is in a gang infested area

still waiting for the big price drop in sunset plaza area, I was going to buy in miami florida but have you seen the storm ? and the hurricance is still hovering off of the coast...

I imagine those 200k homes, you know the ones I talked about a few months ago

buy one get one free ?


a large amount of florida is flooded out


those communities with buy one get one free deals are now flooded out with 24 inches of rain and alligators swimming in the streets, I wonder if the RE market is going to rise because of lack of housing ? or go down more because of these freak storms ?

I have never heard of a hurricane hovering off of the coast have you ?

I like this blog, to bad a few nut jobs have to try and ruin it

Alessandra said...

For what it's worth, as much as I dislike the tone of many of these comments because I do find them offensive, I really dislike censorship more. I'd rather let these bigots say their piece openly so they are readily identifiable. What brings the comments section down is people being afraid to comment.

Anonymous said...
This comment has been removed by the author.
Anonymous said...

WHoever said 50 Cent is becoming the next Mike Tyson, did they see he made $150M last year? And $100M the year before that, and $50M the year before that? That's $300M in 3 years.

I don't think he could spend that much if he tried.

Anonymous said...

50 cent is far from broke and as long as he make movies and keeps his overhead low he will be fine

so_chic_darling said...
This comment has been removed by the author.
Anonymous said...

All hip hop moguls are not stupid!
Jay-Z is far from broke and quite the business man! Classy Gent! And 50, as silly as he may act, isn't stupid either. He's building some serious wealth. People of all races, etc. experience money problems!

Anonymous said...

All Mama has to do is check one little box then "save settings" and everyone could be happy. No extra work for Mama once she did that little change. No censorship, no moderation. It would mean a little extra work for Average Idiot to keep up his multiple personality disorder but do we really care about that anyway?

Mama please consider -

Click the "Settings" tab
Then "Comments"
Change the option of "Who Can Comment?" from "anyone" to "Registered Users" or "Users with Google Accounts".

Personally I'd choose the second option since OpenID isn't much different than the anons being able to type any word in the Name/UL box.

Anonymous said...

Where do these circus monkeys come up with their names.

Is it just me or do the names of a vast majority of blacks in this country sound like their mothers got them off the names of merchandise at either Costco or Wal-Mart?????

This guy is a joke.

Anonymous said...

Swizz Deadbeatz

Posted Aug 21st 2008 11:32AM by TMZ Staff

How do we know Swizz Beatz is a pretty big deal in the music biz? He's baller enough to owe almost $900K in taxes.

The IRS records show there's a tax lien of $842,644.52 against Swizz (real name Kasseem Dean) and his estranged wife, Mashonda. By comparison, former NFL legend Bernie Kosar owes $228K, and Mini-Me has a $300K lien.

We put in a call to Violator Management, but haven't heard back yet.

Anonymous said...

it is a sad year for hip hop first suge then storch and now this !!!!!!!

Anonymous said...

"What brings the comments section down is people being afraid to comment." And people, at least new readers, will be afraid to comment because of the offensive and nasty posts that are taking the comment section over. To each his own, but i have a different take on it. These posts don't contribute in any way to a discussion, it's not that they have a controversial view on the topic where people can argue and even clash over it. It's sheer stupidity probably written by someone whose only purpose it is to crash blogs. Why give such a person/s the room to do it?
So far i've really appreciated the blog and loved reading the comments, but lately? Not so.

StPaulSnowman said...

Just say no to censorship! Use the scroll key instead.

Anonymous said...

I agree that some of the comments lately have been offensive to say the least.

But censorship is a slippery slope and it's best to ignore the nasty element who is likely to disappear if the regular readers and commenters don't add fuel to his/her fire.

I'm will the Snowman on this one...scroll and by and hope the ignoramus moves on sooner rather then later.

Anonymous said...

My mama didn't name me after anything she saw at the Walmart!

Anonymous said...

if you ignore the those with the nasty comments they will find somewhere else to troll

Anonymous said...

Including you?

Unknown said...

First, it was strippers and porn. Then gambling and choking of the proverbial chicken ... of Anne Heche and estranged buffoon Coley Laffoon. In documents filed in L.A. Superior Court, Coleman......

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