Last month, one time Rockafella Records CEO, Damon Dash, lost two condominiums in New York to foreclosure, one valued at $5,500,000 on 25 N. Moore Street and the other $1,500,000. 

25 North Moore Street in New York City

Dash took out excessive second mortgages he was no longer able to pay, causing the properties to revert to the lenders. He attempted to sell the two New York condos, before the banks seized the properties, but due to the fact Dash had obtained inflated equity loans on the units, no one would purchase them at the over-valued selling price.

Damon Dash Beverly Hills home (Photo courtesy of the Real Estalker)

Dash also owned a mansion in Beverly Hills, which he attempted to sell at $3,800,000, which was for more than it was worth, destroying any reasonable sale.

Over the past two years, Dash lost licenses to produce Keds Sneakers, Armadale Vodka and Tissot watches. Previously, he sold his financial stake in Rockafella, whose market value, former partner, Jay-Z, greatly exaggerated. Jay-Z is headed in the same direction, with multiple failed businesses and dirty dealings, constituting felonies.

Damon Dash and Jay-Z

Dash's lifestyle and that of his wife, far exceeded his income, as it was so lavish and jet set, he accrued bills more suited to the financial frame of Michael Jordan. Too often, people in the music and film industries, place too much emphasis on outward appearances and as a result, spend well beyond their means, believing money will always be coming in, when that's often not the case.