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Rapper Nas

Georgia Pad Foreclosed

... Sold At Auction

10/14/2012 10:35 AM PDT BY TMZ STAFF
EXCLUSIVE

1014_nas_tmzLife's a bitch ... Nas sang it and now he's living it ... because besides being knee deep in tax debt, TMZ has learned the rapper just lost his Georgia crib to foreclosure. 

According to official records, Nas purchased the 2-bedroom, 3-bath pad back in 2004 for $585,000 ... but according to SunTrust bank (which issued him the loan) ... Nas couldn't foot the bill and defaulted on the payments, still owing $507,000.

SunTrust recently foreclosed on the property and then sold it to the highest bidder at public auction last month for $348,500 ... WAY LESS than the rapper paid eight years ago.

It's a steal for the new owner -- the house is over 3,500 square feet with a walk-in pool and hot tub ... granite counter-tops ... custom theater ... gym and game room.

1014_nas_launch_sub

Calls to Nas' rep have not been returned.

37 COMMENTS

No Avatar
16.

royalredus    

You know what's funny is that $580K is not that much for a house, which makes him even more of a loser that he can't pay for a modest home that many of us reading this article could easily pay for.

706 days ago
17.

Diamond Goddess!    

"Hood rich."
It's too bad.
If you make $$$ in big chunks like that, you have to create little money-spinners so you KEEP having income.
Plus, he probably gave too much away to friends & fam.

706 days ago
18.

Diamond Goddess!    

He spent too much $$$ on that Fendi beanie!!!
LOL!!!

706 days ago
19.

joecrabs    

Foreclosure and tax liens... Now that's gangsta!

706 days ago
20.

joe gillis    

and they've just moved the extra bunk into wesley snipes cell over at club fed in preparation for nas's 'visit'

706 days ago
21.

laffnbear    

I guess these black "rappers think because they have some product out there that they will be raking coin for the rest of their lives.
The lesson they fail yo learn, until too late is that to get to the top and stay there takes talent.
Something none of them has.
Maybe they think they have "made it" when the eviction notice is nailed to the front door.

706 days ago
22.

laffnbear    

Real people with real names and real money can make it big flipping houses in Georgia, not bad if you don't have to live there.

706 days ago
23.

CharmingSirNick    

it amazing how a lot of comments on TMZ posts about any black person, always has racism & stereotypes sprinkled all over it. have you ever thought that he cant pay for the modest home because his ex wife has the rights to almost all of his royalties and on top of that, pay 50K+ on child support for the one child that they have. so yes this ignorant rapper spent all his money on drugs & strippers & spinning rims.. you people make me ashamed to be a fan of this site.

706 days ago
24.

Butta ballz    

9 times out of 10 it's a white male that post the racial comments. Hating on the sidelines because u can't play in the game.

706 days ago
25.

.    

3,500 Sq. Ft. but only 2 Bedrooms ??
`
Cannot be correct.

706 days ago
26.

Mecca    

I bet you guys couldn't wait to post your hate. Oh wait this is your NORM!

705 days ago
27.

princerick    

Just goes to show how fast money can go and spent foolishly.... Still TEAM NAS keep ya head up ..

705 days ago
28.

dummieshavenoidea    

so he bought a house 8 years ago that he doesnt want anymore, he was born broke unlike Donald Trump who was born rich and has been bankrupt many times... Nas just released an album in July that will bring him MILLIONS whatabout you?

705 days ago
29.

Versability    

Remember the term Force-Placed Insurance, as it is the leading cause of foreclosures since 1994. False placement of illegally and artificially inflated premiums have been proven to create a negative escrow account, which leads to increased mortgage payments, blocked tax payments, and denial of a loan modification.

Read chapter 2 of my firsthand account as a bank whistleblower uncovering the largest bank fraud in history here: http://thoughtforyourpenny.blogspot.com/2012/07/the-boy-who-cried-force-placed.html

705 days ago
30.

beezy65    

Nasir Jones' house did not get sold on the Auction Block. TMZ got their info wrong. Suntrust did foreclose on the property, but it did not sell on the courthouse steps. Actually,the people who bought the house from Suntrust, just closed on it last week for $400,000.He bought the originally for 649K and turned around a few years later and pulled 500k cash out from the home. Thats what he owed Suntrust. He tried to sell it and had it listed for 499k. Didnt work. Guess he thought since the home is across the street from Chris Tucker , he would get more than the home was worth...not in Georgia. He recieved an offer on the property, but I guess it was too low for the bank. Guess his handlers did not advise him not to do a short sell when you have a new album out. Bank did not see his hardship to Nas did a DEED IN LIEU. Which means he gave the bank the keys back and walked away from the property.

594 days ago
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