Blender Magazine reports the entire remaining Death Row Records catalog has been auctioned off for $18 million. It is believed a Canada-based company, Wide Awake Holdings, placed the winning bid. As reported earlier on The Urban Daily, the lot contained master recordings from Snoop Dogg, Tupac Shakur and various other members of the famed labe.
The purchase price presents numerous questions–the first being what caused the price to drop from Warner Music Group’s initial $25 million bid in February of 2008. The lowered price comes despite the lure of the additional unreleased music, as well as a significant amount of memorabilia.
Lydia Harris, who stood to benefit the most from the auction is reportedly none to pleased at this most recent development. After making a case as a co-founder of Death Row, along with Michael “Harry-O” Harris, Mrs. Harris won a $107 million settlement against the label in 2005 for punitive and economic damages. Knight filed for Chapter 11 protection subsequently after losing the suit, and at least a portion of proceeds from the auctioned Death Row material would have gone to Harris as a payment; a judge ordered all initial bids to start at $24 million in May of 2008.
More details on the story, as well as Harris’ reaction, are available at the Blender.com blog, or by clicking here.
SOURCE: HipHopDX
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