How did Damon Dash get broke?

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calmAss

calmAss

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Everytime someone so successful falls from grace and looses their money, I always want to know why, so that one day, if I'm blessed to be in that situation, I'll know what not to do.

I think Damon Dash is probably the biggest fall in hip-hop history. If I remember correctly, he was worth around $200 mil+. How do you loose that kind of money?

So I want to ask anyone that might know. What did he do? Was it drugs? Was he living above his means? Was it lawyer fees?

What did he do wrong?

One thing I did pick up was that he was falling behind on mortgage payments. How the f*ck are you worth $200mil and you buy a house on credit?
 
Another thing was being behind his taxes, apparently, according to him, his accounat screwed him up.
 
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I can't say with 100% certainty ....but I will all but guarantee he is not broke now he aint worth what he should be or what he thinks he should be...the reason he probably mortgaged is houses is you can write off mortgage payments against ur taxable income......but anyway probably lost alot of money the same way alot of wealthy people lose money......bad investments....terrible economy ...house price declines ....and bad business ...he has a loud mouth .....(but that same loud mouth also made him a lot of money ...so if he is resilient which I think he is he s gonna still make alot more money......with that sd I bet he is still buying and living in and riding in really nice things
 
When you own your own company, buying a house cash can also be written of as a company expense which is not taxed at all.

And I'm sure he's pretty much broke. He apparently owes $2mil in taxes. I'm sure if he could afford it, the taxman would have got his money by now.
 
what i don't get is how all these dudes that are wealthy as hell, have back taxes due.....
 
PRPS said:
what i don't get is how all these dudes that are wealthy as hell, have back taxes due.....
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They pay the wrong people to handle their stuff, and/or they don't check up on them.
 
The more you make the more taxes they take....if you're getting paid by direct live checks....the government never sees that money....it's your responsibility to hit them off with the amount that should have been taxed....alot of people think they'll get away with not/forget/accountants mess things up. That's the way of the contract business you gotta be on point, financially.
 
Dot_Robinson said:
How did Damon Dash become
broke?
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bad business ventures ,his film productions have dissappeared, dibella boxing has taken a backseat with all of it's fighters losing , ****-a-fella left without him..plus tax always being on your tail.and i believe he is in a messy divorce (link) all in all it isnt a good mix.

all honesty his accountant had to do somthing wrong. the way he was flashy aswell also didnt help. hope his blakroc thing gets him some dough, the rich go bankrupt. and he was VERY rich.
 
He's probably broke by rich people's standards. More than like he's not most of our kind of broke.
 
Ant McQueen said:
He's probably broke by rich people's standards. More than like he's not most of our kind of broke.
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bravo

poor people broke........ i cant pay my light bill

rich people broke......... i cant pay the light bill on my 3 properties and office buildings
 
He's a very rich dude, he has four healthy kids.

lol I know that was cheesy ...


But for real tho, don't forget that Donald Trump lost a hell lot of money and made it back to the top again.

I remember Damon Dash saying in an interview that he's gonna get that lost money back, and I don't see why he shouldn't, I assume he has learned from his mistakes and is now stronger and better off.


As a business man it can't be always go good, you'll win money but you'll lose too, sometimes mistakes happen and you lose a big chunk - it's part of the game.

Only if you f*ck up because of personal issues you start fading away slowly, that's what happens to a lot of stars. That's why I see this Damon Dash story differently.
 
Ant McQueen said:
He's probably broke by rich people's standards. More than like he's not most of our kind of broke.
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True. He didn't come by to bum some change for a can of Busch beer = he still has some loot left. :cool:
 
There i fixed it for you.:)

CuzinQ said:
bravo

poor people broke........ i cant pay my light bill & i'm behind on my rent.

rich people broke......... damn i cant afford to cop that new 2010 Range Rover so i'm forced to keep driving my 08.
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Dude had a $75,000 monthly mortgage(no mistype). Spent all types of money on his label, artists, ect. Was stunting like the money would keep coming in. Realized Rocafella was tanking and worth "pennies"(as far as his money went)just in time to be told he owed a sh*tload in backtaxes.

Recipe for demise everytime.
 
Dude ain't broke like most people. Probably never will be.

You don't lose hustlin' skills...
 
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