It's no secret, Jay-Z's former business partner Damon Dash has money problems. Last year, banks foreclosed on two of his New York homes, and then, he faced numerous lawsuits for unpaid taxes to unpaid lawyers fees.

In a recent interview, according to Bossip, the Roc-A-Fella Records co-founder claims he was too generous, focusing on the careers of others, rather than his own.

"My mistake was watching everyone else's careers and not watching mine," he said recently.

He insists that his mentorship of rapper Jim Jones and wife took away from his own career, and that caused his own downfall. "After being able to settle my wife's company, I was able to start doing other things," said Dash. "My first approach was the music business and getting with Jim Jones. I spent the last six months doing research, trying to figure out how to use all my resources to blow this out (make his album a hit)."

Today, he's in serious trouble. He's made several headlines regarding his money struggles. In addition to losing two NY properties in which he was paying nearly $80,000 a month for, he also owes over $2 million in state taxes.

Despite bragging that he was worth "about $50 million" to New York magazine in 2006, it looks as those things are bottoming out for the once successful businessman.

On top of all the debt, his designer wife Rachel Roy has filed for divorce after four years of marriage and his help with getting her own clothing line off the ground.