-New York, NY 07/23/10- Music Mogul Damon Dash Out and About -PICTURED: Damon Dash -PHOTO by: Ken Katz/startraksphoto.com -KK_6309 Startraks Photo New York, NY For licensing please call 212-414-9464 or email [email protected]
Dame Dash’s life story has drawn a six-figure bid, but the Roc-A-Fella co-founder isn’t the one set to collect. His life rights have been auctioned off for $550,000 as part of his bankruptcy proceedings, with the proceeds earmarked for his creditors.
As spotted on Complex, reporter Shawn Setaro revealed that Everlasting Films, LLC submitted the winning bid during an October 1 auction. The trustee overseeing Dash’s bankruptcy notified the Florida court of the result Wednesday, October 21. And there’s already a backup buyer: Doug Peters offered $500,000 and would step in if Everlasting Films fails to close within the required timeframe.
The package goes beyond permission to put Dame’s story on the big screen. According to Complex’s earlier reporting, it includes exclusive worldwide life-story rights, “100 hours of video content, photographs, and memorabilia,” and rights to “an unreleased, in-development documentary/film project.” The buyer could use the material for movies, documentaries and books, making this potentially more than a one-film deal.
Everlasting Films initially submitted a $37,000 opening bid, meaning the winning offer landed well above the starting price. Complex previously identified the company as belonging to producer and writer Brianne Berkson. Judge Roberta A. Colton approved the auction process in September, with a hearing for final approval of the sale scheduled for October 27. The auction result marks a major step, although that previously announced approval date is still ahead.
The push to sell the rights began with bankruptcy trustee Traci K. Stevenson, who argued that Dash’s public profile and connection to Roc-A-Fella made his story a valuable asset. According to Complex, Stevenson also noted that Dash had not included his life rights among the assets disclosed in his bankruptcy filing.
