August 11th 2024.
It seems that Shawn "Jay-Z" Carter is making it clear that he is the rightful owner of his debut album, "Reasonable Doubt." With all the drama surrounding Damon Dash's buyout of Roc-A-Fella Records, Jay-Z has taken legal action to ensure that he maintains ownership of the masters of his album.
This news may come as a disappointment to potential buyers at the auction, as "Reasonable Doubt" is the label's most valuable asset. Those who still choose to bid on the album will only have partial ownership until 2031, when Jay-Z will fully own the master recordings and receive all future earnings.
Despite the short-term benefits, bidders wanting to acquire Dash's stake must be prepared to pay at least $1.2 million, which is the minimum bid for the auction.
TMZ first reported this story in early August, revealing that the new owner of Roc-A-Fella would only have a minority stake in the company and little influence over its operations. This was a result of Dash losing his stake in the label earlier this year due to a lawsuit by film director Josh Webber. Webber had taken legal action against Dash for copyright infringement and defamation, resulting in Dash having to forfeit his stake in Roc-A-Fella to cover the payout.
It's worth noting that even without this legal dispute, Jay-Z would have eventually gained ownership of the master recordings of "Reasonable Doubt" 35 years after its release. However, Dash had previously attempted to sell the album, even considering turning it into an NFT. In 2022, an agreement was made between Dash and Roc-A-Fella stating that while Dash did not have direct ownership of the album, he would still receive a portion of the revenue from it and maintain his stake in the label.
Now, the actual sale of Dash's stake will be conducted through the U.S. Marshal, with a public auction taking place on August 29 in Manhattan.
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