Ноw Jay-z, Dame Dash, and Kareem “Biggs” Burke started Roc-a-fella records
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In the late 90s and early s, hip hop entrepreneur Damon Dash was on top of the world. As if this wasn't enough, Dash was testing the waters in Hollywood by executive producing the critically acclaimed Kevin Bacon film "The Woodsman".
Perhaps most importantly, without Dash, the world would likely never have heard the name Jay-Z at all. With the above resume, you'd have to assume that today Damon Dash must be worth hundreds of millions of dollars and is presiding over a dynasty that rivals Russell SimmonsDiddy or Dr.
Unfortunately that is not the case. Today Damon Dash is not only broke, but he owes millions of dollars to the IRS and has had several properties seized through foreclosure. How did this happen? After getting expelled from three different high schools, Damon Dash fell into a bad crowd and began selling drugs.
Dealing earned him plenty of cash but it came with a price. Damon quit the drug game after seeing too many friends end up dead.
Thankfully, Damon quickly discovered that he was a born promoter. He and a group of friends launched a mini business throwing parties and promoting clubs. One night, he announced that the first girls in line at a club opening would get free bottles of Moet Chandon champagne.
A line around the block formed hours before the doors even opened, and while Damon actually lost money on the promotion, he solidified his reputation as the hottest promoter in New York. Soon Damon decided he could be just as successful promoting musical acts as he was clubs. Through his cousin's step father, Damon landed his first management client, a rap group called Future Sound. It was Rodolfo who, infirst alerted Dash to an ambitious former drug dealer from Brooklyn who was looking to launch a rap career.
That rapper's name was Sean Carter, soon to be known as Jay-Z. Jay-Z was unlike anyone else in rap at the time. He was the fastest rapper Damon had ever heard and he didn't write anything down, instead reciting every rhyme straight from memory. Jay-Z's lyrics tended to focus mainly on living a lavish Playboy lifestyle filled with girls, money, boats, cars and champagne. At the time, Jay-Z was a bit of an underdog in the music industry.
He had tried and failed for years to secure his own record deal but was rejected for being too old or not appearing hard enough. Jay didn't fit the mold of fellow typical Brooklyn rappers who wore gold teeth and sang exclusively about dealing drugs and killing people.
The name was a play on oil tycoon John D. The name was also a nod to a famous Brooklyn drug dealer named Rocafella who Jay-Z idolized as a young hustler. Damon wanted Jay to film a music video as fast as possible but there was just one problem.
Roc-A-Fella Records had no money. To raise cash, Damon sought an investment from a well connected street hustler named Kareem "Biggs" Burke. Burke also arranged for Jay and Damon to have access to a wealthy local kingpin's mansion and speed boat for the video:.
The gamble paid off and soon Roc-A-Fella record's only artist was getting courted by all the major record companies. Unfortunately, none of the major labels would agree to one of Damon's outrageous demands. Owning the master would turn out to be a brilliant financial decision as Jay-Z's back catalogue still sells millions of units, even almost 20 years later. Only one record company was willing to acquiesce to such insane demands, a little known label called Freeze Records.
Simultaneously, Damon and Jay had launched a clothing line called "Rocawear" and a brand of vodka called "Armadale Vodka". Rocawear and Armadale's sales exploded every time the products appeared in one of Jay's videos. Between and Damon Dash went on a tear starting companies, signing new artists and generally living the life of a super successful hip hop mogul.
Damon was even producing movies like the critically acclaimed Kevin Bacon film "The Woodsman". Dash was also famous for only wearing his shoes, socks, jeans and shirts once, before tossing them away. Unfortunately, all was not well with the one person who mattered most, Damon's most talented artist and business partner Jay-Z.
Jay had increasingly grown tired of Damon's ever growing ego and paranoia. He fired dozens of talented executives and burned bridges left and right. For his part, Damon began to resent Jay's increasing distance from their company and new alliance with Def Jam honcho Lyor Cohen. Rumors flew throughout andthat Damon and Jay were breaking up and no longer speaking.
From that point on Jay and Damon really were not speaking anymore. Damon was also being excluded from many high profile meetings at Def Jam regarding his own artists. The writing was on the wall. The final blow occurred when all of Roc-A-Fella's artists were offered the option to stay with Jay at Def Jam or go with Damon to a new label of his own forming. Most artists, including future superstar Kanye West chose to stay with Jay. The few artists who went with Dash to his new label saw their albums bomb on the charts and the new record label venture quickly imploded.
On the other hand, Damon and Jay were still connected via Rocawear. When he asked why they were meeting at a hotel room instead of the Rocawear offices, the partners replied "so no one will hear you scream". Between and Damon launched and shuttered a string of failed ventures. He was also being sued by several NYC law firms and various other creditors for lack of payment. Damon Dash is still trying to hustle his way back to the top, but only time will tell if he can reach the same heights.
So what's the lesson here? How could Damon Dash avoided this downfall and do you think he can make a comeback? Prior to launching Celebrity Net Worth, Brian spent seven years as the Managing Editor of one of the largest entertainment portals on the internet.
Before that, Brian attended Georgetown University where he double majored in finance and marketing. Damon Dash net worth: Damon Dash's financial and personal problems seem to be getting much worse before they get any better. And now he might be facing jail time Now that Dash is back living the Hard Kno Rachel Roy net worth: She was born in
