Damon Dash's Funky Real Estate Drama

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The year 2010 hasn't been a good one for hip hop mogul Damon Dash. He certainly could have used a good financial coach to avoid losing his two multimillion-dollar Tribeca lofts to foreclosure after he reportedly stopped forking over $78,504.20 in monthly payments.

Especially now that the one that was once his prized Tribeca duplex on New York City's North Moore Street is back on the market mere months later.

This time it's listed for more than Dash ever even tried to sell it for himself. Auction-winner Edward Farrell of Platinum Capital scored it for $5.5 million back in July and currently is trying his hand at flipping it for $7.995 million. (Dash paid $3.875 million for it and unsuccessfully tried to resell it for $7.9 million a few years ago.)

Bad money decisions don't bode well with the ladies. Dash might have had an easier time dodging the divorce of his wife, fashion designer Rachel Roy if he'd employed the right relationship counselor instead of auditioning butlers.

We took a tour of the Dash crashpad, and while it is impressive at over 5,000 square feet, we noted how much Dash might have gained from the help of a feng shui expert. Within its walls were some of the stranger logistical and style decisions that money can buy.
The three-bedroom, four-bathroom, one-media-room lair looks more hip-hop-CEO-office-space than hip-hop-CEO-living-space (see photos below). The master bedroom is located on the second level and has a glass wall that opens out to overlook the dining room. There's something far too voyeuristic and distracting about being able to see the bedroom through glass, especially for the children whose rooms are both around the corner and just down below.

"These are special units sold as raw spaces for buyers to develop on their own," says Prudential Douglas Elliman's Leonard Steinberg about the building that was first built as a cold-product-storage facility.

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Dash and his architects put in a spiral staircase to connect the two floors. The stairs are located in between the south-facing living room and dining room -- both impressive spaces and ideally set up for someone who collects significant fine art. (Lighting already is installed for large-scale artworks.) The walnut kitchen is open and boasts a double-wide stainless steel Sub Zero and professional range and hood. Above the dining room table hangs a massive chandelier from a 20-foot ceiling, reflecting more light through that glass wall.

Because the building previously stored ice, there weren't any windows. Dash and other tenants were able to blow out their own.

Most worthy of comment is where Dash once kept his collection of more than 1,000 pairs of shoes (mostly sneakers). There is a 600-plus-square-foot closet space that resembles the dressing room of an Old Navy or Gap with four maze-like hallways flanked with shelves, clothing rods and mirrors. (Although the listing describes the master suite's closet space as "sensational Joan Crawford-worthy.")

The paneling is that light beechwood color and the lighting feels florescent. Perhaps ideal conditions for someone who rocks his own urban-suburban clothing lines?

See other homes for sale in Tribeca at AOL Real Estate.
See foreclosures in Tribeca at AOL Real Estate.


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