Former Roc-A-Fella co-owner Damon "Dame" Dash has reportedly lost his multi-million dollar New York City duplex after it was auctioned off for over $5 million on Wednesday.
Details on the purchase were revealed late Wednesday night.
The auction in state Supreme Court was ordered after Dash was sued nearly two years ago for failing to pay the $78,504 monthly tab on a $7.3 million mortgage on the two Manhattan apartments he owned. Only one of the homes, at 25 N. Moore, fetched any interest yesterday, with the winning bid going to a California-based mortgage and finance firm called Platinum Capital Partners. Edward Farrell, a lawyer representing the buyer, plunked down a check for 10 percent of the sale price in court, but refused to answer any questions about his client. (New York Post)
One of Dash's foreclosed homes did not get auctioned off.
The first condo, in the Atalanta at 25 North Moore Street in TriBeCa, saw a brief bidding war before selling to a company called Platinum Capital for $5.5 million. The minimum bid the bank would accept was $5 million. The other apartment, at the Sugar Warehouse at 79 Laight Street, also in TriBeCa, did not meet its $3 million minimum bid, so it now belongs to the bank. (New York Times)
The rap mogul reportedly maintained ownership of the property dating back six years ago.
In 2004, he bought the duplex apartment for $3.875 million and paid $1.33 million for the smaller one. In 2006, near the peak of the real estate boom, he refinanced both for $7.3 million. But as he was failing to make his monthly mortgage payments, Dash twice tried to sell the duplex, first in 2008 -- right after the crash -- for $7.9 million and again in 2009 for $5.75 million. A broker familiar with the market in that neighborhood said the mortgage on his units is 30 percent above the current market value. (My Fox)
Last May, Dash discussed negative press being the cause of his financial troubles being severely exaggerated.
"I started to go through a lot of bad press all of a sudden," he explains of the period following the sale of his shares in Roc-A-Fella Records and Rocawear Clothing. "Like, the recession hit everybody, but me being a businessman and motherf*ckers getting caught up in the storm, all my issues were completely public. And completely exaggerated. So the recession sh*t happens, I don't give a f*ck." (YRB Magazine)
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