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Rapper Nas

Georgia Pad Foreclosed

... Sold At Auction

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

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.


Calls to Nas' rep have not been returned.


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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.
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