Source: Courtesy of Damon Dash / Damon Dash
It looks like interest in purchasing Dame Dash’s stake in Roc-A-Fella Records might actually pick up. The State of New York has gotten involved in the situation and refuted Jay-Z’s claims that the crown jewel of Roc-A-Fella Records catalogue, Reasonable Doubt, would revert back to him in a mere seven years.
According to TMZ, the City of New York has taken issue with Jay-Z’s attempt to “sabotage” the auction of Dame Dash’s stake in Roc-A-Fella Records by suggesting it won’t be worth as much without his debut album come 2031 and says that Reasonable Doubt will actually be a part of the iconic label for the next 74 years. With many potential buyers shying away from purchasing Dame’s portion of Roc-A-Fella after Jay-Z’s legal claim to the album, this new piece of news is sure to garner that much more interest in the upcoming auction for Dame’s piece of the pie.
Taking to social media to reveal the new information, Dame Dash broke down what the State of New York said about the situation and how they feel the auction price could now be 10 times higher than its current value given Reasonable Doubt will be part of the catalogue for basically another 100 years.
And while that’s all good and dandy for whoever ends up with the winning bid, that may not be the best of news for Dame Dash himself, as the city really intervened to get what they’re owed by the former co-founder of Roc-A-Fella Records.
Per TMZ:
The City’s Dept. of Social Services has a vested interest in this case because the money Dame makes off the auction will pay off his massive $193,000 child support debt. He also owes the state several million in back taxes.
According to the docs, Jay’s ultimately damaged the city’s interest in getting the highest possible bid in the auction — but Roc-A-Fella Records fired back Monday, through attorney Alex Spiro, saying Jay himself never issued any public statements … and the media simply ran with his termination notice and comments from his “legal team.”
RAF now says the issue of whether the termination notice reverts the rights back to Jay-Z is “woefully unripe” — insisting “this is not the appropriate time, forum, or case” to address these issues.
When the state wants the money they’re owed, they will do whatever it takes to get their coin.
Now that it’s seemingly official that Roc-A-Fella Records is a gold mine with Jay-Z’s debut album remaining with the label for another century, it’ll be interesting to see what the winning bid ends up being and who’ll be the new co-owner of the label.
We wouldn’t be surprised if it was Jay-Z himself. Just sayin’.
What do y’all think about this latest development in the auction of one-third of Roc-A-Fella Records? Let us know in the comments section below.