Rap mogul Damon Dash's luxury timepiece and jewelry brand Tiret New York has turned its hand to automotive design with its latest creation, the Tiret Sport Coupe. Just unveiled at watch expo Baselworld in Switzerland, the luxurious 2-door SUV is based on the Range Rover Sport and features real diamond accents derived from Tiret's opulent oversized, bejeweled timepieces by designer Daniel Lazar.

Available by special order at an undisclosed but undoubtedly astronomical price, the car is available with custom watch dial displays derived from Tiret's diamond timepieces, as well as an elegant central clock. A wide variety of color combinations including two-tone schemes is available inside and out in addition to Nappa leather seating and fine wood trim. Exterior modifications include wider flared arches, LED lighting, 22-inch LSE alloy wheels and a full panoramic glass sunroof.

[via JustLuxe]

Rachel Roy is in the news again, and this time it's not because of the dough that she and husband Damon Dash owe. Roy has teamed up with vodka maker Grey Goose, which commissioned her to exclusively design and create a signature cocktail dress to be worn by the brand's spokesmodels at select Grey Goose-sponsored events across the country. The dresses will be labeled "Rachel Roy exclusively for Grey Goose Vodka." Grey Goose was the official title sponsor of the Rachel Roy Spring 2009 Fashion Presentation earlier this month during New York Fashion Week, and the partnership also will include trunk shows and store openings.

The cocktail dress will resemble a classic silhouette with clean, modern lines. Made of stretch wool for structure and ease of movement, the design will include a feminine draped neckline and an element of fluidity in the back detailing. (See gallery.)

Roy's creation is "derived from the classic heritage and discerning taste of the luxury vodka brand," according to Grey Goose. Roy notes, "In keeping with this tradition, my design matches the timeless fluidity of the little black dress, with a hint of the iconic, signature blue to capture the effortless elegance of this occasion."

In addition to joining with Grey Goose, Roy has jumped on the green bandwagon by designing eco-friendly clothing, which she will continue to selectively incorporate in seasons to come. Roy will donate 100% of the proceeds to Orphan Aid Africa, an organization that aims to help orphans in Ghana.

[Via Grey Goose and BlackVoices.com]

Another big spender joins the celebrity foreclosure follies. This time it's Roc-A-Fella Records company co-founder Damon Dash and his wife, fashion designer Rachel Roy. The high-profile pair could lose two of their Manhattan apartments. Eastern Savings Bank says the couple owe $7.3 million on the properties and were supposed to make hefty monthly payments of $78,500 but haven't done so since January. Dash has a $100,000 federal tax lien on the properties and reportedly owes the city of New York $2 million in back taxes. Damon Dash is allegedly has a $50 million fortune amassed from his hip-hop empire.

Imagine you are in financial trouble, in danger of losing your house, suffocating in debt. Now, would you try to trim expenses or spend over $87,000 on a new diamond watch. If you answered the latter then you have the same debt philosophy as Michael Jackson. The 3AM Girls have reported that Jackson, who is still living in the Middle East, trotted over to the Burj Al Arab in order to pick up a diamond laden Tiret watch. Tiret is the luxury watch company created by Damon Dash and the ultra-elite watches can cost up to $500,000. The watch has 800 diamonds and a gold face. Sounds like someone needs Oprah's debt diet.

The latest watch from Tiret, the watch company founded by Damon Dash and Daniel Lazar, is the Debonair. Previous Tiret models were heavy on the diamonds and rounded shapes but Debonair is all about transparency and squared shapes. It has an Art-Deco-style case and there are two versions of the watch. The Debonair XL model is a skeleton watch which has a surface treatment that uses a black cold plasma coating with a hardness of more than 2000 Vickers. The movement is an ETA calibre A07.161 with 24 jewels. It has a power reserve of 48 hours. After the jump, a picture of the other Debonair model.