“Ballers” everywhere are getting exposed by this recession. Folks everywhere in the industry are getting their homes foreclosed on, businesses shut down, and loans revoked. When you spend beyond your means and believe your own hype, it all falls down when gas prices go up. And Dame Dash and Jermaine Dupri look like the two latest victims:



According to The International Herald Tribune, Dame Dash had two of his Manhattan apartments foreclosed on. This past Monday, papers were filed in the New York court system stating that Dame and his “wife” Rachel owe $7.8 million in mortgage mula. Yes, you read that number right. $7.8 million. Apparently their mortgages were a hefty $785,500 a month.
But sources close to the Dash camp tell TheYBF.com that Dame hasn’t been the true owner of those apartments in years, nor has he lived in them in years. They also say hismoney is far from funny. While he holds the deeds to the places in name, it was actually the unnamed management company of the apartments who haven’t been paying on time. Dame didn’t even know about the issue until this ish hit the fan. And seeing that he owns 5 residences, 3 of which are in New York and the ones he actually resides in are doing just fine, it looks like the money issues may not be his per se. And the Dash name was possibly just used by the bank to bring attention to the matter. Time will tell…





Down in the ATL, Jermaine Dupri’s restaurant Cafe Dupri, which he opened back in ‘05, closed suddenly last week. And apparently, workers found out along with everyone else and were left unpaid and jobless. In fact, workers had been complaining that their checks kept bouncing and hadn’t been paid in weeks. According to media sources, ”Dupri’s mother Tina Mauldin, who was managing the restaurant, told Channel 2 Action News that closing the Cafe was a ‘business decision’ and that if employees had worked harder Cafe Dupri might still be open.”

Damn. Rough times all around.

I honestly don't feel sorry for either one of them.

banks said:

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Dame hasn’t been the true owner of those apartments in years, nor has he lived in them in years.

The owner of the property should be a matter of public record. I doubt the bank is putting out his name for publicity (LOL)

If his employees had worked harder it would not have closed?

What kind of disrespectful shit is that? That is exactly what immaturity says. If she had hired good people and I would imagine treated them with respect (and judging by what she said, she obviously didn't) no, the restaurant would not have gone belly up.

F*ck em.... keeping flashing bentley's and bling in videos and at clubs that you don't own, on albums that don't sell.

These hip hop moguls, live outside of their $$$$$ and their talent.

It's about time they pay the price for mediocrity.

Someone here said a great statement. If they are so rich, buy it in cash and guess what you can't foreclose on it.

aalloca said:

That was me. . . I was thinking that and shaking my head the whole time I was reading that mess. Cash is KING dumb asses!

As for that shit with Dame, that's some bullshit. The mortgage company is going to list whoever's name is actually on the loan agreement when they do a foreclosure. So for Dame's name to even come up in the conversation means that he's the one attached to those mortgages. These fools continue to baffle me with their dumb ass financial decisions.

I guess money is a thang.

Stymie said:

SCNDLS said:

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"These fools continue to baffle me with their dumb ass financial decisions."

They are just a bunch of morons who came in off the streets with no education. To put it out that you are not attached to the mortgages and that the bank is out to ruin your name is just some simple B.S and the stupid blogs report this crap as if it is valid.

Everybody needs to take a finance course.

laurarichardson said:

True they'd benefit from a course. However, MOST people know that if you get a mortgage you're paying to borrow money and you EVENTUALLY have to pay it off. You don't have to be a genius or CPA to know that. So how they can have cash in the bank that's sufficient to pay off a loan yet choose not to pay it off. . . ???? But no better for 'em. . .

SCNDLS said:

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Look at the sub-prime mortage mess. People getting mortages that they really should not have had in the first place. Everybody cannot afford to live in a mega-mansion but people tried it anyway

laurarichardson said:

I know that the ny post newspaper clearly said that it was 2 apts in Tribeca... I work in Tribeca on Greenwich st and his apt is around the corner on Laight st.. I've seen hin 3 times.. once walking with a white dude and then i saw him pushing his new baby in a stroller and just this past Tues and he was on the phone looking streesed as hell i was like damn what's wrong with him and then the next morning i saw the article about the foreclosure.
[Edited 8/21/08 12:56pm]

laurarichardson said:

Yeah, but the difference here is that these celeb fools actually HAD the cash to buy they're shit outright instead of paying interest on a loan. That's my issue with these dumb asses. Why pay a higher interest rate than what your money can earn in a bank account? Even if you can get a higher return through other investments, it's still risky and don't make no damn sense.
[Edited 8/21/08 13:01pm]

SCNDLS said:

Sad thing is....Damon Dash has an MBA...if I remember correctly. Sometimes education has nothing to do with common financial sense

You know how the old saying goes: A fool and his money are soon departed

SoulAlive said:

And there it is. Case closed.

KatSkrizzle said:

Get the fuck outta here!