Dame Dash’s remaining Roc-A-Fella stake is finally being auctioned off by the feds.
Newly filed legal documents show the record label’s co-founder’s remaining 33.3 percent interest in the company will be auctioned on August 29th. Back in February, it was reported that Dash’s shares would have to be sold, though it wasn’t immediately known when that would be taking place. According to TMZ, the sell will take place in Manhattan, New York with appointed attorney Christopher Brown overseeing all potential buyers. Brown represents filmmaker Josh Webber, who won an $800,000 civil case filed against Dash. The suit accused Dash of copyright infringement and defamation over the movie, “Dear Frank.” Webber says Dash promoted the film under a new name and claimed to own the movie after he was dropped from the project altogether.
The primary purpose of the auction is to collect the money owed to Webber. The court filing state Jay Z’s album “Reasonable Doubt,” released in 1996, is the biggest asset owned by Roc-A-Fella. Interestingly enough, just weeks ago, Dash shared an Instagram post offering to sell his stake in the groundbreaking album, which helped propel Hov’s career.
“This s**t is for sale 1/3 … only real inquiries only,” he captioned the July 19th post.
The minimum bid for Dash’s shares is $1.2 million with the buyer required to put down a $240,000 deposit. Dash has not commented publicly on the matter.
