The Crib's been foreclosed
Just giving up the Woodlands manse: Chamillionaire insists he's notChathousandaire (yet)
I guess we can cross Chamillionaire off the Cribs list.
TMZ caught up with the Houston rapper to ask about some rumored housing issues. Chamillionaire (a.k.a. Hakeem Seriki) confirmed the rumors his house was being foreclosed, but maintained that it was a business decision:
"I bought a house in Houston. I have multiple mortgages — some for me, some for other people. This house actually was my most expensive mortgage and I decided to let that house go because the house ended up being worth nothing. When the market went down the house went down too and it was worth nothing," Chamillionaire said.
"I paid like close to $2 million dollars for that house and I decided to just let it go, give it back to the bank. It wasn't a situation where they came and took it from me. I felt like I didn't want to pay that much money a month for a house that I'm was never at. I was never at the house I was always on the road touring."
According to Swamplot, Chamillionaire bought the mansion, in the exclusive gated compound of Carlton Woods in The Woodlands, for $2.125 million in 2006.
The house might be worthless to him, but someone disagrees: Days after being posted on HAR for $1.8 million, it's listed as having an option pending.
Chamillionaire even took to Twitter to add: "So im guessing TMZ left out the part about the new mansion. That's cool though."
Chamillionaire, who is the CEO of Chamilitary Entertainment and co-owns auto dealership Fly Rides, also wants everyone to know that despite letting go of his house, he's doing a-ok.
"I'm still Chamillionaire. When I'm Chathousandaire y'all will have a real story."