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Chamillionaire -- I Chose to Be Foreclosed On

6/3/2010 1:24 PM PDT BY TMZ STAFF

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. 

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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."

116 COMMENTS

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16.

jRo    

I grew up with him. I'm sure he is far from broke. He is way too smart to go broke.

1566 days ago
17.

ARTOFWAR    

He "decided to let that house go" because the real estate market had turned and the house had become a bad investment.
--------------------------------------------------------
Hmmm... You know what's even a far worse investment if one has other options? Foreclosure itself.
Foreclosure doesn't make for the brightest of shimmering lights on one's credit report.
However, I highly doubt that this clown gives a hip-hop about such trivial matters as credit standings....Artofwar



1566 days ago
18.

mikedudical    

This is hillarious. FYI if you want to see the mansion just look it up on http://repofinder.com. You'd think after MC Hammer rappers would learn their lesson...

1566 days ago
19.

Mike    

Nothing thousands of people have done already. But he's STUPID enough to say it on the record. And Paula...if he snapped his finger you would be all over his "wood" like Tigers Ho's.

1566 days ago
20.

brod77381    

What a douche bag - I guess selling the house wasn't an option!! I live in The Woodlands area where he owned this house and the homes are most definitely NOT "worth nothing." The Woodlands is located just outside of Houston - one of the best real estate markets in the country right now. This house was listed for sell by the bank that foreclosed it and it sold right away - for $2MM. What a moron.

1566 days ago
21.

sgm    

Who are his financial advisors? Dumb and Dumberer! How typical can you get," I still have got all my cars!" Just such an idiot.

1566 days ago
22.

Taylor Jacobs    

"I still have got all my cars!"



Can someone please tell me at what point in the video he says that? He doesn't say that at all!

1566 days ago
23.

dd    

He's not the only one walking away these days.

1566 days ago
24.

Ken    

But Chamillionaire claims he's far from broke -- quipping, "I still got all the cars."



Tell this fool that 99% of cars are depreciating assets.

1566 days ago
25.

Bob    

Chadeadbeat

1566 days ago
26.

Someone    

That's like stealing from the bank! Maybe people who do this on purpose should start going to jail...

1566 days ago
27.

montanahank    

What a moron! People really pay to see this idiot! Hope he goes broke and has to live in the streets!

1566 days ago
28.

Pretty LL    

This is hysterical. I live in a predominantly black area in an apartment and our parking area is full of Mercedes', BMW's and even a jaguar. This is so typical. Nice car but no house lol!

1566 days ago
29.

montanahank    

I like the way he said it wasn't financial negligence and the house was worth nothing. It is financial negligence and it's not worth nothing morons like this shouldn's be allowed to get a mortgage ever! Also the person who said he is responsible for the money owed not always true. Depending on the state and the type of foreclosure he will walk away and own nothing. I hope they foreclosed through the courts as opposed to a sheriffs sale and they hold him accountable for the remaining amount owed. What a loser!!!!!!!!!!!

1566 days ago
30.

Sammie    

That's not a business decision! It's no decision at all. It's a lack of respect for everyone and a lack of personal honor or care. Speaks to his character (if he had one).

1566 days ago
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