Rachel Roy and Damon Dash
Originally uploaded by weissfoto

I always wonder who would be the first person to go broke in the music game.
The winner is?

Damon Dash Faces Foreclosure
Posted Aug 20th 2008 6:01PM by Deidre Woollard
Filed under: Estates, Celebrity Shopping

Another big spender joins the celebrity foreclosure follies. This time it's Roc-A-Fella Records company co-founder Damon Dash and his wife, fashion designer Rachel Roy. The high-profile pair could lose two of their Manhattan apartments. Eastern Savings Bank says the couple owe $7.3 million on the properties and were supposed to make hefty monthly payments of $78,500 but haven't done so since January. Dash has a $100,000 federal tax lien on the properties and reportedly owes the city of New York $2 million in back taxes. Damon Dash is allegedly has a $50 million fortune amassed from his hip-hop empire.