Death Row Records Auctioned Off For $24 Million

July 15, 2008 4:11 p.m. EST

Los Angeles, CA (CNS) - Death Row Records, the legendary West Coast hip-hop label that launched the careers of rappers such as Snoop Dogg, Tupac Shakur and Dr. Dre to superstardom, has been auctioned off for the relatively minimal amount of $24 million. The label made a mint at the front of the gangsta-rap boom in the early '90s.

On Monday, the New York-based Global Music Group released a statement confirming it was the top bidder at a June 24 auction and had purchased Death Row, including its hits-laden catalog and any outstanding recording contracts, for a relative song.

According to E! Online, Death Row filed for bankruptcy in April 2006 after company kingpin Marion "Suge" Knight was unable to pay a $107 million judgment to former partners Lydia and Michael Harris, the latter a convicted drug dealer. The Harrises successfully sued Death Row Records claiming they were owed a huge amount of the profits for providing start-up funds.

It is being reported that Global Music Group it still going through the label it just required and will be figuring out what artists still have contracts with Death Row.