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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. 

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."


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

1603 days ago


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

1603 days ago


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

1603 days ago


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.

1603 days ago


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.

1603 days ago


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

1603 days ago

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!

1603 days ago


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

1603 days ago


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.

1603 days ago



1603 days ago


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

1603 days ago


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

1603 days ago

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!

1603 days ago


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!!!!!!!!!!!

1603 days ago


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).

1603 days ago
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