When The Money’s Gone: Damon Dash Claims He Is Broke & Can’t Pay His Bills

38 comments
May 12, 2013 ‐ By Drenna Armstrong
"Damon Dash pf"

Derrick Salters/WENN.com

If this is true, Dame Dash is drowning in debt right now.

In a report by The New York Daily News, Dash filed papers on Tuesday saying is so deep in debt that he cannot pay his personal bills, which includes his rent in a Carmel, NY mansion where he is currently behind in rent by $100,000.

Over the past few years, Dash has lost two New York City lofts to foreclosure, his vehicle has been seized, he owes $2 million dollars in New York State taxes, an undisclosed amount in federal taxes and he says he’s facing criminal charges for non-payment of New Jersey state taxes.

Wow.

On Thursday, Dame went to court to ask the judge not to garnish his wages (whatever they are). He says that at this time, his money goes to the following (your mouth will drop):

- He pays $24,000 every three months to his ex-wife, fashion designer Rachel Roy, for child support of their two kids, and to cover money owed on the lofts.

– New York state forces Dash to send another $4,341.10 per month for support of his son, Christian.

– He paid nearly $20,000 in garnished wages in late 2012 for other debts.

– And he faces a pending $40,000 tax payment for business earnings.

Dash says in paying for all that, he is barely keeping his business afloat let alone able to pay his personal bills.

Well, we can see how that could be the case.

Dame sent a message through his attorney saying:

“I’m an independent businessman and this is what comes from business.  I have the guts to fight my battles on my own and it’s entertainment to everybody else because I’m so cool about it.”

How “cool” can you really be when you’re obviously still spending beyond your means and barely have a place to lay your head?

It sounds like someone needs to put their pride to the side and get himself together.

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  • PleaseDOBetter

    We can all laugh at various celebrities and their financial misfortune, but I think there is a deeper issue here, especially as it relates to celebrities of color. The deeper issue-you can’t start from nothing, get something, and then be expected to maintain it when you were never taught HOW to maintain it. We are dealing with cycles of generational poverty and until we learn how to break that cycle and educate ourselves, we will continue to struggle the same way.

  • http://www.facebook.com/Mrz.Drose Maria L. Wallace

    I’m sure he i

  • http://www.urban-society.de hassia

    What it is, is poor management skills. If I were an advisor I would make these sports stars musicians by an apartment one car and have them live off the interest. The rest would remain in trust until they are not producing anymore

    Why is it in America and Russia where bling is everything?

    • IllyPhilly

      They had an article about a famous celeb adviser in Ebony who said almost every star he had wanted to get a G6 as soon as they got signed. I thought that was crazy!

      • http://www.urban-society.de hassia

        Had to look up what a G6 was, but yes. The thing that most forget is they are not going to be playing forever.

        • http://www.facebook.com/profile.php?id=1212257289 Jocelyn Beverly

          My dad flies a G5, to be able to maintain that plane is millions of dollars, the fuel alone is insane. Dude fly commercial or buy a smaller plane like a pilatus, like you need a G5.

          • http://www.urban-society.de hassia

            That is why I said that I would have them buy an apartment. They think they need a plane MTV cribs used to crack me up the rappers with taffeta silk curtains in their house, and the scarface dvd..

    • WorldStar_Possum

      Can you pay 144,000 a year in support? Didn’t think so. You probably don’t even make 1/3 of that a year.
      Poor management skills?
      Poor guy probably didn’t know he was going to have to fork up all that money.

      • http://www.urban-society.de hassia

        Firstly I would do whatever job it would take to take care of my child. Secondly ad hominem attacks does an argument make. lastly while you still had those millions you did not think of setting up a trust for your children. I will refer to my original post management skills, he did have a net worth of 50 million.

        • WorldStar_Possum

          Shut your Muslim a$$ up

          • http://www.urban-society.de hassia

            As I thought for lack of an argument, ad hominem attacks. For your information, I am far from religious. However I am sure you are.

            • WorldStar_Possum

              Hello stupid.. I’m a troll.

              • http://www.urban-society.de hassia

                I am confused are you called Stupid or Troll?

                • WorldStar_Possum

                  Ok stupid let me clarify, I’m the troll. You’re the stupid one for replying.

                  • http://www.urban-society.de hassia

                    So you are Clarify, and the Troll, and Stupid? Which meds are you taking?

                    • WorldStar_Possum

                      Sounds like eating those wild berries in the jungle has gotten your mind on a fritz.. Muslim jungle man.

                    • http://www.urban-society.de hassia

                      So you are not taking your meds. Have you spoken to someone about this?

                    • WorldStar_Possum

                      Understand that you’re not making one sense.. Right?

  • michaelderrick

    Does she really need $34,000 to feed two kids !

    Another good example why all men especially successful men should avoid marriage like a plague !

    • http://www.yourtango.com/users/cheekee-baby cheekee baby

      Do you think a man making 8 million a year should pay the same in support as a man making $8 an hour?

      • michaelderrick

        Apparently he does, since he is broke as a joke now. lol….

        Child support should be based on the children need not what the father makes. The father should also have the right and legal responsibility to be in the child’s life and help raise the child beyond monetary support!

        • http://www.yourtango.com/users/cheekee-baby cheekee baby

          Please answer the question asked. If support is not based off of the parent’s income what should it be based off of? Cost of living? The bare minimum for the bare basics (I’m talking bread and water for meals)? What if they say in Chicago a child requires 600 a month in order to be cared for with the basics. Mother pays $300 father pays $300 but father makes no more than $800 a month working overtime at McDonald’s and his rent is $500 alone. Do you think he should be ordered to fork over almost 50% of his income because that is the amount the child requires? How about if we add in that mom makes apprx $10,000 a month do you think the courts should still mandate he pay $300?

          Let’s add another realistic scenario, since under you theory child support should only be based off of the child’s need rather than the parent’s income and standard of living, let’s say little Jimmy was born with a congenital disease that requires he have around the clock care. Mom makes 35k a year father a million a year. The cost of his around the clock care alone is 60k plus a year. Since the child NEEDS this care should mom pay 30k and father pay 30k leaving mother with 5000 a year in which to live? Does that seem fair?

          • ted mikeal

            However you spin it, no child need $34 000 a month. !

            I understand there are special scenarios which require individual consideration. But in a normal circumstance the child’s care should be split equally by the father and mother and it should be based on the child’s need to have a proper child care (not just monetarily, but physically also). At Least the mother should be required to show the father she spends the money on the child’s care.The mother shouldn’t unfairly benefit just because she is the custodial parents.

            I have a few male friends that have no clue how the money is spent and there is nothing to show for it. While the woman spend money on her friends and new boyfriends. At that moment they are not paying child support, they are paying boyfriend support. lol…

            • http://www.yourtango.com/users/cheekee-baby cheekee baby

              Seems like they could have avoided that by getting primary custody or not making a child with a loser. And you read the article wrong. Its two children, and its 24k every 3 months so that breaks down to 8k per month or 4k per child per month. A multimillionaire should certainly pay 4k per month per child if joe blows making 50-60k a year are ordered to pay 8-900 a month for their kids. To me that seems totally realistic.

              Since his financial situation has changed its to be expected that what he contributes to the kids ought to be modified.

              • ted mikeal

                You can’t deny the system is biased. It gives people bad incentive to favor divorce, instead of encouraging marriage and fatherhood. I don’t see how this system is in the best interest of the child, but i digress…

                BTW; you are good at math, what are you… an accountant or something….lol

                • http://www.yourtango.com/users/cheekee-baby cheekee baby

                  They system is biased towards people getting a divorce at all. Divorce shouldn’t be easy and pain free. Used only as a means of absolute last resort. Marriage should be a thought out, felt out, prayed about, undertaking done only when you are 100% committed to making it work and last.

                  And lol no I’m not an accountant. Hilarious.

                  • ted mikeal

                    agree 1000 %

                    you and i are a lot alike ! lol…

            • http://www.yourtango.com/users/cheekee-baby cheekee baby

              Then your friends had a child with the wrong woman. They ought to petition the court for full custody. Why always the argument regarding the support dollar amount and never about the custody? That’s telling.

      • WorldStar_Possum

        No.. But there should be a limit expecially if he does support the child.
        Don’t act like that isn’t wrong.

  • IllyPhilly

    Wow, where’s his famous, rich friends? He ’bout to be State Property.

  • Sharon

    Once again and again, people still continue to refuse to learn the lesson. They need to meet with whoever handles their money. He should have been keeping better track of his expenses. Like the response below, he is Jay-Z can help him out. I cannot find any symphothy to give him. I am sorry. Bad money management decisions. Next celeb or athlete who will be broke.

    • http://www.facebook.com/profile.php?id=1212257289 Jocelyn Beverly

      No they need to be more involved in their money management, you should never give anyone that much power over your money. They will rob you blind. Read every piece of paper they want you to sign.

  • http://www.facebook.com/Mrz.Drose Maria L. Wallace

    ask jay for a few bucks, lmao!!

  • Sagittarius81

    This is not new, he’s been drowning debt for years.

  • http://www.facebook.com/profile.php?id=1212257289 Jocelyn Beverly

    What the hell do they all do with their money, you can only drive one car at a time live in only one house at a time. They swear they need 5 homes and 10 cars, yet cannot pay their bills. Oh please you did it to yourself.

    • Kenedy

      Right? You only need one toilet to sh&t in…smh

    • Say What?

      They’re trying to uphold an image, which ironically is false. I never understood living in excess to such the degree that they do and then many end up in his situation. I’d rather be the person who’s financially stable with one or two cars and a single house than the person who goes into to debt because they had to have that new Bugatti and now can’t even afford a Toyota.

      • http://www.facebook.com/profile.php?id=1212257289 Jocelyn Beverly

        Exactly, my dad grew up in Camden NJ an was poor as poor can be, but he worked hard to be the pilot that he is, and made an amazing living as a private pilot flies a G5 but he lives within his means. He was born in 1935 he will never be broke like he was when he was a kid. He has always made smart money choices, allowed me to go to college with no loans. I live my life that way. I don’t understand having millions like 50 million and then you are running to file bankruptcy? huh..