Tax Debt Forces Sale of Valuable Music Rights
In a surprising turn of events, the state of New York has acquired a one-third stake in Roc-A-Fella Records, formerly owned by Dame Dash. This move is aimed at recouping the millions of dollars that Dash owes in back taxes.
An anonymous representative from New York State placed a winning bid of $1 million at a federal auction, outbidding other contenders. This strategic move allows the state to potentially sell the stake and recover its investment, along with the owed tax debt.
Additionally, a portion of the proceeds will be used to settle Dash's outstanding child support payments to New York City, which amount to over $193,000.
This acquisition has significant implications for the future of Roc-A-Fella Records and the distribution of its assets. Notably, the state's involvement could impact the ownership of iconic albums like Jay-Z's "Reasonable Doubt," which is set to revert back to Jay-Z in 2031. However, New York City has disputed Jay-Z's claims to full ownership, asserting that the state's acquisition of Dash's stake gives them a claim to the album's royalties.
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