Post by T Cole contact flytcole@flypaperblog.com

All over television is news of the nation’s mortgage crisis and how foreclosure rates are through the roof. We hear, see it and live it as working class people, but we never expect high powered celebs to be in on it. Hip Hop/ Fashion Mogul Damon Dash and his wife Rachel Roy are having two of their Manhattan properties  foreclosed on for reportedly not paying the $78, 500 mortgages since January. 

That is not the extent of the couple’s debt either- they have two Tribecca properties in jeopardy and owe back rent on the building that houses Damon Dash Enterprises.  Dash apparently has a $100, 000 federal tax lien on some of his property and owes $2 mil in back taxes to New York State. Dash blames the tax lien issue on his former accountant, who he is currently suing. That does not, however, account for the rest of his financial mess.  On the other hand, his wife seems to be doing well for herself, she generated $100, 000 in sales at a recent appearance at Nordstrom on Chicago’s Magnificent Mile. Roy also sold her clothing line to Jones Apparel Group for a handsome profit recently. Maybe she isn’t sharing the wealth.

While it is suspected that Dash has been struggling financially since he separated from former partner Jay Z, he still has a reported net worth of $50 Mil. If that amount accounts for all of the property he is losing and you subtract the taxes owed and the upcoming legal fees to straighten out this mess and figure in a sluggish economy- I’d say ya boy Dame is in a bit of trouble.  But hey, if it can happen to Ed McMahon, nobody’s immune. Keep it stuck!

VIA SK

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