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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. 

0603_cham_tmz_video
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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76.

AkEric    

Remember, you can live in your car but you can't drive your house...

1551 days ago
77.

Gerod    

If you wanna see the House that he used to own the MLS listing is linked below from Houston Area Realtors (HAR) website. To confirm the second bit of info below the link shows him as the owner on the Montgomery County Appraisal District (HCAD). Fun little fact I guess.



http://search.har.com/engine/10-Hildene-Way-The-Woodlands-TX-77382_HAR42872242.htm



Owner Name: SERIKI, HAKEEM
Owner Address: MILLIONAIRE MIND FRAME TRUST 10 HILDENE WAY
THE WOODLANDS,TX 77382
Property Address: 10 HILDENE WAY
SPRING, TX 77382



1551 days ago
78.

MP    

So the bank has to lose out because of his irresponsibility. Sue him, for something, anything. I'm so sick of fiscally irresponsible people. I hope no bank ever gives him a loan again.

1551 days ago
79.

gramercy808    

dumb dum dum dummm....
okay, he's clearly broke simply by saying he isn't and qualifying he still has cars (today.)
you know i always thought he was an atrociously terrible rapper, one of the worst to touch a mic next to chingy, the fact that anyone reports on him is nothing but what's left of record label fluff money. tmz save the electricity and bandwidth (are those bad for out planet?) this guy is a chump. he needs to drop the name pronto.



i'm not his biz manager thankfully, but it's lousy to see a rapper try to get one over on the very lifestyle he endorsed. he took out that loan; he owes the bank; in a small way he contributed to our crisis and he didn't have to and i think that's criminal. to have the means (or the means to get the means, if he does,) man up and pay your debt, what a loser. personally i can't wait for kanye to go belly-up but yea, i'm one of those "haters." kanye west is a gay fish, widely known thanks to south park. (bash them not me.)

1551 days ago
80.

gramercy808    

68. lol at all you ppl calling him an idiot and saying that he's broke.
trust me he's far from it. And in fact he made the forbes list for top 20 wealthiest rappers for 2 years straight. So child please to all of you. You guys are the idiots not him.



Posted at 2:30 PM on Jun 3, 2010 by Khalid Davis



Calling you out as his boy boy. if he's far from broke he should prove it, no problem, throw it in the bag and all that, right playa? i'm sure he's cash rich, big deal, dirty money doesn't pay every bill genius. any person with the money and self respect would repay a loan, maybe he can try cash for gold and sell his grills if those haven't been repo'd already.

1551 days ago
81.

Samurai Jesus    

F*ck Chamillionaire. Worthless piece of ****...

1551 days ago
82.

puertorican69     

he is anit got no money

1551 days ago
83.

Joseph bag of donuts    

Familiar. As long as you have a sweet set of rims, on your 84 Caprice that is rusted out...you are high rollin'

1551 days ago
84.

HJ    

Who cares... I like his music I don't give a **** about his personal life.



Oh wait this is TMZ.... oops

1551 days ago
85.

duncan    

if hes so rich why would he need a mortgage in the first place ?




surrrrrrrrrrrrre bud

1551 days ago
86.

kymomto2    

I sincerely hope that the bank confiscates his "cars" and any thing else that would offset their loss. That's what is wrong with this country is a lack of personal responsibility. What a great example for young people (a great example of what NOT to become!)

1551 days ago
87.

way to go    

don't become angry because a man man is finally doing what whitemen have been doing all along. need i remind you all of wall street and it's investors. this was a smart move on his part and i would have done the same that 2m house was an investment that went wrong and he bailed out, yeah something george bush started doing long before his term ended. and i cant blame him either! you guys are IDIOTS!

1550 days ago
88.

DECAPITATAH    

@kymomto2



HE NEVER SAID SH** ABOUT ANY CARS!!!! wait, u just read that thing TMZ put... IT WAS A JOKE BASED ON HIS SONG!!!!. HE NEVER SAID THAT LOL DUMBASS

1550 days ago
89.

BoB    

wow how DUMD! of a DUDE!

1550 days ago
90.

Ben    

If you have the money you should have to pay for it, million dollar cry baby bailed out by hard working people. Low as the slime at the bottom of the ocean between a rock and the Ocean floor. He has no worries Obama will pay it with our money.



What the hell as America become?

1550 days ago
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