Rapper Chamillionaire Loses Houston Home to Foreclosure

Chamillionaire loses home to foreclosureAt least rapper Chamillionaire isn't changing his name to Cha-"thousand"-aire. The Houston native is getting out of a mortgage for a $2 million home there by not making payments on the mansion and letting it go into foreclosure. The trend of walking away from a mortgage in the down market is hitting even millionaire musicians.

His song "Houston Got a Problem" takes on new meaning.

His decision to go into foreclosure on the 7,583-square-foot mansion that he bought in 2006 was a business decision and not because of "financial negligence or anything like that," he told TMZ, despite carrying multiple mortgages for himself and others.

"This house was my most expensive mortgage," he told TMZ. But "when the market went down ... the house ended up being worth nothing ... I decided to just let it go and give it back to the bank. It wasn't a situation where they came and took it from me. I just didn't feel like it was a good business investment to keep paying that much mortgage for a house that I'm never at."

Foreclosed homes are a common sight across America, and some foreclosed homeowners live in their homes for free for a year before being evicted.

Chamillionaire, whose real name is Hakeem Seriki, said he's in good financial shape and still has his cars. However, the website Sickhop reports that the rapper owes the IRS $184,000 in 2007 taxes.

Seriki seems to have some business sense, at least in his ability to make money. He co-owns Houston-based auto dealer Fly Rydes, a tour bus company and his record label, Chamillitary Entertainment. In 2009, he and Quincy Jones III launched the Global Innovation Tournament at Stanford University's Memorial Auditorium, as part of the school's "Entrepreneurial Thought Leaders" seminar series.

Investing in a $2 million mansion might have looked like a wise investment four years ago, and Seriki can always find plenty of similar homes in Houston if he's looking for another one.

For example, the lakefront home at 2310 Bayou Mist Court, with 8,134 square feet, five bedrooms and five and a half bathrooms. It's selling for $1,985,000 and has a formal living room with fireplace; a formal dining room; a library; a large, open kitchen/breakfast/family room (with another fireplace); a bonus room (or theater room) downstairs; a large game room and computer alcove upstairs; and a covered pavilion (also with a fireplace).

See more homes in Houston, Texas, and elsewhere at AOL Real Estate.

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Franchice

I read the first page of comments and I had to think to myself.... People these days are idiots. Chamillionaire isn't some clown rapper straight from the street still selling dope even though he's rich. He doesn't get arrested for carrying guns and all that nonsense. Hell Tupac went to college and was actually into the arts and even he was a "thug" in the eyes of the media before he even claimed to be even though he really never was. He was just signed to a currupt label and was legally forced to hang with his labelmates. Cham is educated as far as he needs to be. You cant find one site that says he isn't rich and do you really think we're paying for his house through our taxes, lets be serious. Everybody on this website wishes they were making more money because we aren't making more money. With that said, none of us are paying ass loads of money for taxes. We dont even get back as much money in our income tax as this man has to pay every year. His net worth is in the millions. Together we all probably get up to about 2 million. If you are racist, and a hater, then why did you even make yourself read this article, there's no point other than your life sucks so you want company. Get some God in your life. And lastly Chamillionaire is a good person, I agree with Babygirl, he isn't a thug. He raps with meaning on the majority of his songs. All of you have to remember its just ent. Not all rappers are street crawlers. I myself am an aspiring rap artist and I wasn't raised in the street and I don't curse in my music. I go to church and actually participate. Its just entertainment people. And his decision was, believe it or not, his decision. Not ours. So when he made it, he knew it was something he had to deal with and thats why he didn't ask us for our opinion.

January 05 2011 at 5:29 PM Report abuse rate up rate down Reply

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