Rapper, Chamillionaire (real name Hakeem Seriki) has strategically defaulted on his Houston 7,583 sq. foot mansion. The rap artist purchased the home for approximately $2 million in 2006, but now considers the purchase a bad investment decision

TMZ spoke with the rapper in New York about his foreclosure after her failed to make several payments. He told  TMZ that he, “decided to let that house go” because the real estate market had turned and the house had become a bad investment.

He was claimed that he never stayed at the million dollar home because he was constantly on the road touring.  He later added, “I just didn’t feel like it was a good business investment to pay that much mortgage for a house I was never at.”

Chamillionaire says he still has plenty of cash and is far from broke — boasting, “I still got all the cars.”

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.