Hip-hop mogul Dash facing foreclosure

Aug. 20, 2008 at 12:02 PM
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NEW YORK, Aug. 20 (UPI) -- U.S. hip-hop entrepreneur Damon Dash is facing foreclosure on two homes he owns in New York City, a lawsuit alleges.

Court documents show Dash, founder of Roc-a-Fella Records, and his wife Rachel Roy are being sued by Eastern Savings Bank, which claims they haven't made mortgage payments on two TriBeCa neighborhood homes since January, the New York Post reported Wednesday.

The payments are for more than $78,000 per month on a $7.3 million mortgage, the newspaper said, adding that the documents also reveal Dash has a $100,000 federal tax lien on the properties. The Post said Dash did not return its requests for comment.

Dash, worth an estimated $50 million from successes in the hip-hop music and clothing industries, has been dogged by creditors who say he hasn't paid his bills, the newspaper said. He reportedly owes the city of New York $2 million in back taxes.

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