How the mighty have fallen

I’m always surprised when these guys who are worth 10s, if not 100s of millions of dollars somehow manage to go broke. Not just broke in the sense that maybe their money is tied up in investments, but broke in the sense that they can’t even come up with the amount of money it takes to pay the lease on a car that doesn’t even cost that much money.

Regular everyday black people broke.

Take for example Scott Storch. He’s so broke, he’s actually on the run from the law. The other day, a guy from the LA Times asked Fiddy Cent if he knew where Scott Storch was, and he had to front like he didn’t know. Fiddy did mention that Scott Storch has got some beats on Before I Self Destruct, so he should be alright once the royalties from that start rolling in. But then it was announced just now that Before I Self Destruct has been pushed back to some time in 2009. And let’s keep it real. No one’s gonna buy that shit anyway. That’s why it got pushed back in the first place. Scott Storch is pretty much fucked.

If you look at the money Scott Storch owes, it’s actually not that bad. But I guess it is pretty bad, in the sense that he can’t come up with an amount of money that would have been chump change to him as recently as a couple of years ago. His main problem is that he owes something like a half a million dollars, or maybe more than that now, in property taxes on that ridonkulous house he owns down in Florida. You’d think it would be nothing for him to put the house up for sale and just downgrade, but he’s probably fucked, given the fact that the real estate market right now is fucked the fuck up.

I read somewhere recently that whatever bank he deals with actually put the house up for sale on Craigslist for $7 million, despite the fact that it had been appraised at $16 million as recently as last year. His lawyer tried to have it taken down, but from what I understand, they still might go through with it. If they do, that would be a pretty ridonkulous L. (I remember he also once sold a yacht that was said to be worth $20 million for $600,000 on eBay.) If I was Timbaland, I’d cop that shit myself just for shits and giggles, and maybe even shoot a video there like Storch’s own hilarious “Built Like Dat.”

A lot of the rest of the money he owes is actually pretty nickel and dime – a few grand in back child support here, a few payments behind on some shit that doesn’t cost that much money in the first place there – which makes me wonder if he really is on the run somewhere living hand to mouth, or if he’s got a few mil somewhere stashed away, and the reason he’s not paying even his lightweight bills anymore is to throw off the scent. Because he’s Jewish, I suspect that it’s the latter. (My bad, Jews.) Damon Dash, meanwhile, is obviously broker than a motherfucker.

Here’s how one lawyer who’s privy to Dame’s financial situation put it:

“I’ve worked with musicians, artists and entertainers that in the eyes of the media are very wealthy,” said lawyer Jason Gabbard, who represented a fashion firm that settled a suit against Dash and his wife over $148,505 in unpaid fees. “But to borrow a phrase from my Kentucky homeland, they haven’t got a pot to p— in – they’re broke.”

Yikes!

If you look at the people coming after Dame these days looking for money, it really does sound like the kind of shit that takes place when you literally have no money at all. For example, it’s one thing that the bank is foreclosing on his two condos in Tribeca, worth a combined $7.3 million, and for which he hasn’t paid the $78,000 a month mortgage in some time now. I could understand wanting to get out of a situation like that, now that it’s clear that he’s never gonna make a dollar in the music business again. But he also had his Chevy Tahoe repo’d just the other day for failing to make payments on the lease.

The fuck?

First of all, what kind of hip-hop mogul do you know who drives a Chevy Tahoe? That’s not even an Escalade! (Never mind the fact that a Tahoe and an Escalade are probably essentially the same thing. It’s just not hip-hop to own the less expensive version of some shit.) They don’t even let put TVs in the head rest of a car you lease, do you? It must have been tough explaining to Jim Jones that he couldn’t smoke weed in the car, because he couldn’t afford to cop it outright. That’s the kind of indignity you’re supposed to suffer if you’re the nightside assistant manager at K-Mart, not the guy who discovered Jay-Z.

  • Pierzy

    Karma’s obviously a motherfucker.

    Scott Storch acted like he was the greatest producer that ever walked the Earth and even talked shit about Timbaland and The Roots. Timbaland is one thing, but The Roots? What kinda shit is that?

    And as far as Dame, c’mon. Maybe instead of pouring Cris on girls in every single Jay-Z video from 1998 – 2002, he should’ve taken an Intro to Business or Investment class at the community college. This dude had a TV show about being the ultimate hustler not that long ago. What a joke.

    • http://www.prettypancakes.com amar

      fuck that karma bas-this is about the fact that ppl in the hip hop industry seem to have no sense of long-term thinking. It’s like the big boi line “i heard it’s not where you from, but where you pay rent. Plus i heard it’s not how much you make, but how much you spend”. That pretty much sums up the attitude these days…

      That’s why you’ll never see Jigga or Puffy or maybe even a T.I. broke as hell, desipte all their legal fees, gucci rags, legal fees, baby mama problems, cars or houses. They have financial planners and they allow them to do their jobs and keep their spending in line.

      http://www.prettypancakes.com

      • DV8

        co-sign both of you.

        The Roots put Storch on, he got a case of the bighead after working with Dr.Dre and lost all grip of reality and his curret situation is a result of that.

        Dame once made the statement “there is no money in the music biz” well I bet Dame wish he could retract that statement because it is still a constant flow. Sure it may not be the amount hes looking for but its still a source of income. Greed, Excess, and Waste ultamitely did Dame in. To bad hes considered such a asshole in the music industry he could have atleast been able to use his connections to make some money.

  • Jay-Z

    HAHAHAHAHAHAHAHAHAHAHAHAHAHA

  • Phil

    All of this is really one huge lesson to be learned. Invest those stacks! Making it rain makes no sense! Ice is pointless. Clothing lines, sneaker lines, watch lines…all pointless! Dame Dash’s mistakes, among many others going on even now, should be a checklist for every true entrepeneur for what NOT to do with your success. Especially in this kind of industry, which is only more volatile than it was in the last decade. Don’t spend what you may not have tommorow; a lot of these cats, like Young Buck, swear the money’s going to be rolling in FOREVER, and that they can’t possibly spend $10 million in one year, lol. Royalty checks almost NEVER stay the same, like goddamn snowlflakes.

  • http://www.uptownempire.com Trouble

    Scott Storch just mishandled his money, trying to keep up with Dre and timbaland.

    Damn u just ethered Dame Dash LOl that shit was hilarious !!

    “It must have been tough explaining to Jim Jones that he couldn’t smoke weed in the car, because he couldn’t afford to cop it outright.”

    Artist need to be smarter with they money, mudafuckas dont think long term, they just want to stunt and flex.

  • Smel

    For some unexplainable reason I feel very sorry for Dame Dash and feel nothing for Scott Storch.

    Am I anti-semetic????????

    Oh wait – Dame also lost Aaliyah…

    Poor Dame.

  • giantstepp

    “First of all, what kind of hip-hop mogul do you know who drives a Chevy Tahoe? That’s not even an Escalade! (Never mind the fact that a Tahoe and an Escalade are probably essentially the same thing. It’s just not hip-hop to own the less expensive version of some shit.) They don’t even let put TVs in the head rest of a car you lease, do you? It must have been tough explaining to Jim Jones that he couldn’t smoke weed in the car, because he couldn’t afford to cop it outright. That’s the kind of indignity you’re supposed to suffer if you’re the nightside assistant manager at K-Mart, not the guy who discovered Jay-Z.”

    Damn Bol! You kinda took it there with ole boy.

  • OG Matt Herbz

    See…you talking money, then I’m all in it. Ever since I was a youngin on the come up, I knew I had to plan for a bigger and better day. For years I crashed in a 3 bedroom apartment where I charged the other two roommates enough to more than pay the rent, plus we had parties in that shit every Friday night with a $20 cover. I’d keep old bottles of Bacardi and Grey Goose and just refill them shits with the $10 brands. Back in ’07, I paid cash for a brand new White on White on White Escalade and shit, that muthafucka’s still rollin til this day. Sure, I could have afforded to buy a 08 model just for fun, but I was smarter than that. I’ve turned the ’07 model into a private limosine to carry important W.I.P.’s from here to there and within two years, I’ll have made back all my money. I’ve already got a deposit on a brand-new ’09 Escalade Platinum Edition with some fucking LED headlamps–the brightest, whitest fuckin headlamps you’ve ever seen in your life. That’s how I’m rollin in 2009: No shorts, no losses. Fuck a Tahoe and fuck past-due child support payments. Shit, every year that I’m still working, I’m making enough to sustain my existing standard of living for 13 years. Kids, stay in school…and fuck your math teacher if she’s a cute asian bitch with glasses…otherwise study real hard.

    –OG Matt Herbz–

  • TheCo!!inB

    dame also said Jones album Pray IV Reign will probably be a classic…..i think the nigga is havin delusions of grandeur and should probably be monitored in his sleep for grand mal seizures.

  • The Spaniard

    Why doesn’t anyone ever mention the most likely scenerio, which is…

    …they never had that much money in the first place.

    • tony grand$

      Spaniard, that was prolly the most prolific statement of all of the responses. It’s unimaginable that the whole image we have/had of these so-called moguls is just because we chose to believe that niggas had it like that. That can’t be true, can it? Naw, Dame, DMX, Scott, all these mansion havin, half-a-mil car drivin ass dudes MUST own all the glitz they dangle in front of us. Yeah, right. I don’t feel sorry for none of them, especially living in the real world seeing real ppl who appreciate $10 for a meal. These niggas wasted milli’s on disposable champagne in their videos alone. God giveth, and sho nuff, God will taketh that shit away. Like my ex-dope dealin, currently incarcarated uncle used to say, “fast money don’t last, money.”

    • http://www.prettypancakes.com amar

      good point; but as i said, it’s all because of short-term thinking. And guess what the biggest example of short-term thinking is? Buying everything on credit. I bet these ppl did have half the shit they talked about, but it was put on credit. When shit takes a downturn and they can’t pay back this credit, BAM, bankrupcy.

      Pretty much exactly why we’re in a recession right now.

      http://www.prettypancakes.com

  • capcobra

    i’m feeling bad for the nigga dame right now…jay did him dirty in my opinion…dame was the boss..he made sure the roc was a label and everybody got a chance to eat and fix they own plate…jay wanted niguz to eat off his plate…that ain’t boss shit..that’s greed…he mad cuz dame wanted to be the loudmouth show off…that’s what puffy.irv.suge and all the generals of that era was doing…but this nigga jay wanted to be the center of attention…jay couldn’t stand that dipset ain’t need his ass…so he flips and wanna leave the roc..then give niguz ultimatiums…masters or label?…fuck that….i feel dame and biggs…now look at jay…the nigga still ain’t a boss…and he still ain’t put out a hot artist yet..the nigga jay wanted kanye to just make beats…hov a hater….he should’ve left the roc to dame and biggs and just kept getting his cut….that nigga knew all the doors was gon close on dame…hov a chump….he still dissing jaz-o…not raising his son..and chasing beyonce…he’s a beeyotch.

    • A yow

      Nigga you delusional.

  • styles11

    Hey where did the real Og Matt Herbz and TPAR go? These posts been gettin boring without them. And bol you must have writers block. No more punch lines from your ass. Your posts arnt half as entertaining as they were 2 months ago.

  • anutha_level

    that’s karma, homie. do right by people and u will be aiiight…

  • BIGNAT

    i feel sorry for dame because he tryign hard to get his life together. it’s not like he been pissing off and buying loads of shit it’s just his money can’t keep up with his lifestyle. scott on the other hand is not even taking care of his own kids thats some bullshit. he fucked up from the top to the bottom.

  • tony grand$

    I see it like this yall; Jigga did sorta dulow Dame, but with all the shit poppin’ & mouth runnin Dame was doin, seems as if that cat would’ve been a lil wiser about certain choices he made, monitarily speakin’. True, he was basically a boss nigga, so how the eff does the boss wind up assed out in the cold? Sad, but he had control over his life & let it spin so far outta control that us average blogger dudes are dicussin him like that bum we all know in front of the liquor store who used to be chipped up. Now, he’s just a shell of the man he was @ one time. & on some real, he prolly saw more cheese than ill ever accumulate, and blew it. His bad. It seems a lot of rap niggas enter the dragon with that hustlah mental, than it switches to Daddy Warbucks, lightin $200 cigars with $50 bills. Gtfoh. I believe niggas was extendin him (and the like bunch) MAD credit, take $ to make $, but that’s where it got a lil too tricky. @ that point, the hustle game endin, & that corporate hustle really started. And we all see who wins that game of craps. Dame is gonna be alright, he seems to have that arrogance that exudes resilience, and I’m positive that the nigga won’t ever hit a low like this again. Mark my words, he prolly workin on the book while we type. As for Jigga, well I can’t say anything that Nas hasn’t said a gazillion times over.

  • sb

    warren buffett has lived in the same house for 40 years and has driven a lincoln town car for the past 5 years..not flashy but the one of the if not the richeset man in the united states…dame and scott should of taken notes..my parents are millionares but they still live in the hood..they own several properties that are paid for and they make is 6 figure income of of that where they have a confortable life and no debt..do you see where im going? live an unassuming lifestyle and be low key and most of all live beaneath your means…who the fuck do you need to impress.

  • El Tico Loco

    I don’t feel sorry for none of them. If you bought everything right out and kept it simple with that kind of money you wouldn’t be in that position. Is more impressive and practical if you see that kind of money to buy your shit out in cash, now you’ll have something to show for it, but you wanna buy expensive shit on credit to show off and in showbusiness to make it worse, were the next check is not guaranteed so no sympathy from me especially Scott Storch he’s jewish he should know better.

  • sb

    lol!!!!!! funny but true

  • http://www.rizzleworld.blogspot.com allnice

    The problem isn’t that these cats are broke but that they weren’t prepared to be poor. They thought that shit was gonna be sweet forever and didn’t take the time to put some work in on the streets.

    Making money is a cycle. You have times when you got chips and times when you don’t. When the cycle comes to a HALT, then you are big fucking trouble unless you are prepared to man up.

    But look how bitch Dame and Storch are. Them niggaz is not prepared to scrap it out for bucks after living for years in luxury. They are sweating bullets right now. Dame Dash in particular is probably finished for good. I think Storch can get his act together.

    If you think about it, the chips game is not worth it. When your chips dry up, you dry up unless you have some actual relationships and power.

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