Breaking News: JAY-Z’s legal team submitted court documents to inform potential buyers of Dame Dash’s Roc-A-Fella Records shares that their ownership will only last until 2031. After that, the rights to JAY-Z’s *Reasonable Doubt* album will revert to him. Dame Dash’s shares are set to be auctioned on August 29.see more…

According to federal court filings this week, the United States Marshals Service will auction off Dash’s 33.3% interest in the storied record company to satisfy an $823,000 judgment against him in a lawsuit filed by movie producer Josh Webber over a failed film partnership.

The auction, set for Aug. 29 at a Midtown Manhattan hotel, will have a minimum bid of $1.2 million, and prospective bidders will be required to post a $240,000 deposit for the right to take part in the proceedings.

The owners of the other two-thirds of Roc-A-Fella — label cofounders Jay-Z (Shawn Carter) and Kareem “Biggs” Burke — have already attempted to stop the auction, including making changes to the company’s bylaws and intervening in the lawsuit. But a federal judge rejected such opposition in February.