Former mogul's tax troubles continue to mount.
Damon Dash is submerged in a financial hole so deep, there's no telling what will happen next. At the height of Roc-A-Fella Records' success, Dash boasted a net worth of upwards of $50 million and is now worth less than $2 million, a deficit widened by the $2.8 million federal tax lien recently added to his debt Rolodex.
The government is going after Dash for unpaid taxes from 2005 ($2,614,918.10) and 2011 ($187,544.20). Reports TMZ, that can be added to the millions in back taxes the 42-year-old already owes to the states of New York and New Jersey.
Financial mismanagement has led to a barrage of issues for Dash, like the 2010 foreclosure of two multi-million Tribeca lofts. With $7.3 million left on his mortgages and facing eviction from his Carmel, N.Y., residence, the one-time entertainment mogul pleaded for mercy in front of a Manhattan Supreme Court two months ago. "I am currently several months behind in paying my personal bills," Dash wrote in court papers filed in May.
"For instance, I am currently over $100,000 behind in the rent of the only home in which I live and at risk of being evicted," he added.
The father of three requested that a judge not garnish his wages, listing a semi-monthly $24,000 child support payment as some of his mounting expenses.
Dash co-founded Roc-A-Fella Records with Jay-Z and Kareem "Biggs" Burke back in 1994. The imprint grabbed millions in revenue, and fell apart in 2009. Hov — worth nearly half a billion today — bought back the rights to his own music, and launched Roc Nation.
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(Photo: Theo Wargo/Getty Images)