After the media caught wind of Damon Dash’s financial problems and his wife leaving him because of them, he decided to tell his side of the story. Dame says that he is broke because he got caught up making sure people around him were succeeding and lost track of his own finances.
As previously reported, the former mogul is facing foreclosure on his two properties in the trendy TriBeca area of New York and reportedly owes $2 million in state taxes, among other debts. He tells Billboard.com, “My mistake was watching everyone else’s careers and not watching mine.”
Rachel Roy, his wife of four years, filed for divorce earlier this month. Dame helped her launch her own women’s fashion line and also helped the now successful Jim Jones, which he says is another reason why he didn’t spend enough time on his own projects.
Dame adds, “After being able to settle my wife’s company, I was able to start doing other things. My first approach was the music business and getting with Jim Jones… I spent the last six months doing research, trying to figure out how to use all my resources to blow this out.”