The AP is reporting that one time baller and now perennial faller Dame Dash can't make his mortgage payments on two of his and his wife's luxury Manhattan apartments.
They owe more than $7 million to their lenders.
Apparently they have other properties in the city so they're not worried about homelessness, but wow, where are Dame's big time Hiphop and movie producer buddies now?
The sad thing is that Jay was just last week named the second-highest Hiphop money earner at more than $100 million in the past year, so we know Jay is laid up somewhere shaking his head at Dame's misfortune (no pun intended).
Here lies the problem with Hiphoppers and the large amounts of money they make.
Before getting on in the industry, they routinely front about their wealth. Then, as they steadily blow up, they begin earning the type of money they once dreamed of and are able to live the lifestyle they've portrayed.
But when things die down and the money slows up, they still feel an urge to maintain that same lifestyle, and in about a year or so we read stories like this.
Even if Jay snaked Dame with the Roc, Dame and Jay still parted with millions from the Roc's sale, with half going to Dame. And Dame already should have stacked enough paper to have been straight for the rest of his life.
But regardless, just two months ago Dame and his wife signed some deal for a fashion line worth up to $4 billion. So why can't they pay the measly $7.3 million?
And what about Dame's social networking site? I'm guessing that hasn't taken off the way he would have liked.
I feel bad for Dame. I liked him as a Hiphop personality. But there is no excuse for this type of blatant mismanagement of funds.
First his fiancee dies, then the Roc breaks up, then Dame gets beaten up by some angry Parisian pimps, then his movie producing career fizzles, and now this! When it rains it, it pours...
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