Posted: June 3, 2010 in CELEBZ

A Houston mansion owned by rapper Chamillionaire was repossessed by the bank recently after the place went into foreclosure — but according to the rapper, it was all part of a calculated business decision. TMZ has learned Chamillionaire lost the 7,583 sq. foot home — which he picked up for roughly $2 million back in 2006 — after failing to make several payments.

But, yesterday in New York we spoke with Chamillionaire — real name Hakeem Seriki — who told us he “decided to let that house go” because the real estate market had turned and the house had become a bad investment.

Chamillionaire also noted that he was never at the home because, “I was always on the road touring” adding, “I just didn’t feel like it was a good business investment to pay that much mortgage for a house I was never at.”

But Chamillionaire claims he’s far from broke — quipping, “I still got all the cars.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s