News: Chamillionaire Ridin' With $184K IRS Debt, Tax Records Leak
Sunday, Jun 6, 2010 10:38AM
Southern rapper Chamillionaire has made headlines once again this week after his $184,000 IRS debt records leaked online.
According to reports, the rapper's debt dates back to 2007.
Chamillionaire's foreclosure problem is just one financial woe facing the Houston rapper. Turns out the hip-hop star owes the IRS more than $184,000 in delinquent federal income taxes, according to public records. The IRS filed a $184,692 lien against Chamillionaire (real name Hakeem Seriki) and his wife, Deetra, on Nov. 23 with the Montgomery County (Texas) Clerk. According to the lien, they owe income taxes from 2007. (Detroit News)
Last week, details broke out about his Texas home being repossessed by a bank.
Chamillionaire had his Houston mansion repossessed by the bank after it went into foreclosure, but the rapper claims it was a calculated business decision. He bought the 7,583 sq. foot home in 2006 for $2 million, but failed to make several payments. It could just be us, but wouldn't it have been a better business decision to sell and not eff up your credit for all eternity?! (Perez Hilton)
Cham addressed the reports and said he felt the home was unnecessary.
But the hip-hop star claims he "decided to let that house go" because the downturn in the economy had turned the property into a bad real estate investment, reports TMZ.com. Chamillionaire tells the website, "I was always on the road touring. 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." (Contact Music)
He is currently putting together his third solo project, Venom.
Grammy-winning, platinum Houston artist, Chamillionaire, officially hit the road today, embarking on his "In Love With My Money" tour with former group member, Paul Wall - first stop, Austin, Texas for their headlining gig at SXSW. The timing couldn't be more perfect as the release date for his long-awaited third album, Venom, was officially slated this week for June 22nd on Chamillitary/Universal Republic with a first single, artwork and tracklisting to be forthcoming shortly. (Press Release)
Check out a recent Chamillionaire interview below: