Recently, it was reported that a court decision Dame DashRoc-A-Fella's record stake will be auctioned off to satisfy his mounting debt. Now, Jay-Z hits potential bidders with a “Buyer Beware” notice as his debut album, Reasonable doubtis the crown jewel of Dash's stake in the label.
According to TMZJay-Z is taking legal action over the auction of Dame Dash's 33.3% ownership of Roc-A-Fella Records, which will start with an opening bid of $1.2 million. While we assumed that Jay-Z would simply participate in the auction and shell out whatever amount of money was needed to get most of his old record company back, it appears that 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 owns the copyright to the record and all of its tracks… Jay's lawyers have now shared that those rights will revert to a Shawn Carter/”Jay-Z” in 2031.
Although Jay and Dame aren't exactly vibing these days, this legal move isn't about revenge, it's just biz — the rights would have reverted to Jay 35 years after the record's release, anyway. His lawyers 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 — the minimum bid is $1.2 million — will enjoy a third of all “Reasonable Doubt” revenue … but only for 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 famous catalog.
How that will affect the auction remains to be seen, but dropping over $1.2 million on something that is about to take away his biggest asset in six years doesn't seem like a good investment. Just saying.
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Photo: Getty