Post image for Damon Dash in Foreclosure

Damon Dash in Foreclosure

by Minority Fortune

While we all knew Damon Dash was having financial woes in 2009 with the bankruptcy and divorce filings, it appears 2010 is an extension of those woes. For one, Damon Dash is still clinging on to the imaginary $50 million in net worth that he no longer has. Secondly, he’s still placing all of the blame of his poor business dealings on Jay Z, which happened almost five years ago. Third, his two Tribeca lofts that he took out a $7.9 million mortgage for are in foreclosure and up for auction.

Damon Dash, what in the world have you been doing?!  It’s clearly not been paying your $78,000 monthly mortgage payments or monthly $2,222 common charge payments, according to the Gawker. We’re fully aware that the cost of luxurious real estate in New York City is obscenely high. However, we’re weary for any multi-millionaire to take on that kind of financial responsibility without consistent passive cash flow. Just why did you need two lofts for yourself within the same city in close proximity, if you had no ideas of renting one of them out? Did you have these properties in your name instead of in an LLC? Oh, the tangled webs that hip-hop pseudo moguls weave.

Here’s a copy of the auction property details:damedashproprtyauction

All of these financial woes coming home to roost is a result of Damon Dash’s hardly wealthy behavior. This is reason # 1,455,700 why we call out millionaires on their hardly-wealthy behavior. We can see the financial storm that will come for them years down the road. It’s now about what is in the bank now. It’s about what will NOT be in the bank years from now. Little did Damon Dash know that he too would Antoine Walker his money. While he didn’t, we did. Little Damon Dashes in the making, pay heed.

*Image courtesy of Gawker and Upscale Swagger.
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