Damon “Dame” Dash, the co-founder of Roc-A-Fella Records and a prominent figure in the music and media industries, once had a net worth of about $50 million. However, as of 2022, his net worth is estimated to be $100,000. In this article, we will explore the reasons behind the sharp decline in his net worth.
Early Success
Damon Dash’s career in the music and media industries began with his partnership with Jay-Z in Roc-A-Fella Records. In 1999, he organized a tour for Jay-Z that made $19 million in profit, which contributed significantly to his early financial success.
Later, he founded DD172, a media collective that included a magazine, a web design firm, a record label division, and an art gallery. However, his success did not last long.
Divorce and Legal Issues
In 2004, Def Jam Recordings acquired the half of Roc-A-Fella it did not already own, and Jay-Z became its president. A year later, Jay-Z bought out Damon Dash from Rocawear, the hip-hop clothing line they started together. The buyout was worth nearly $20 million, and together with the profits from Jay-Z’s 1999 tour, it placed Dash in a financially comfortable position.
However, Dash’s divorce from Rachel Roy after four years of marriage was devastating financially. The couple had a bitter custody battle, and Dash had to pay child support for his five children with different partners. He was also sued several times and required to pay large sums of money, including $50,000 to Linda Williams, the mother of his eldest son.
Additionally, one of his Manhattan apartments, a Tribeca duplex, went under foreclosure in 2010 and sold for $5.5 million. In August 2015, he owed more than $4 million in taxes to the state of New York.
Current Situation
Dash’s financial situation has plummeted from a net worth of $50 million to just $100,000. Despite his significant financial troubles, he still has significant contributions in the industry.
He signed Kanye West to Roc-A-Fella in the early 2000s, and in a recent interview, he revealed that he did not expect Kanye to become a global phenomenon. He described Kanye as a new Michael Jackson and said that he was not expecting all of that from him.
Conclusion
Damon Johnson’s net worth has declined massively from $50 million to just $100,000. His divorce, legal issues, and failure to keep up with his mortgage payments are some of the reasons behind his financial downfall. However, he still has a significant contribution to the music world, including signing Kanye West to Roc-A-Fella Records.
