Recently, it was reported that a court-ordered Dame Dash‘s share of Roc-A-Fella records to be auctioned off to satisfy his mounting debt. Now, Jay-Z is hitting potential bidders with a “Buyer Beware” notice as his debut album, Reasonable Doubt, is the crown jewel of Dash’s stake in the record label.
According to TMZ, Jay-Z is taking legal action regarding the auction of Dame Dash’s 33.3% ownership of Roc-A-Fella Records, which will begin with a starting bid of $1.2 million. While we assumed Jay-Z would just participate in the auction and put up whatever amount of money is needed to get back the majority of his old record label, it seems like he’s going a different route and letting potential buyers know that Reasonable Doubt will be his in just a few years regardless of who ends up with Dame Dash’s share of the label.
Per TMZ:
While Roc-A-Fella currently holds the copyright on the record and all its tracks … Jay’s attorneys have now filed notice that those rights will revert to one Shawn Carter/”Jay-Z” in 2031.
Even though Jay and Dame ain’t exactly vibing these days, this legal move isn’t about revenge, it’s just biz — the rights would have gone back to Jay 35 years after the record was released, anyway. His lawyers have just filed the paperwork to make it official.
So, what does this mean for the August 29 auction? Whoever ends up winning Dame’s shares — minimum bid is $1.2 million — will enjoy one-third of all “Reasonable Doubt” revenues … but only for about the next 6 years and change. Then it’s all Jay’s.
Well, that certainly won’t sit well with anyone bidding on Roc-A-Fella’s illustrious catalog.
How will this affect the auction remains to be seen but putting down more than $1.2 million on something that’s going to have its biggest asset removed in six years doesn’t seem like a sound investment. Just saying.
What do y’all think? Let us know in the comments section below.
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Photo: Getty
