Southern rapper Chamillionaire has confirmed reports that his Texas home was repossessed by a bank after it went under foreclosure.
Reports of the home foreclosing began to circulate online this week.
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)
Aside from residence, Cham recently spoke with SOHH about wanting to see Andre 3000 make a hip-hop comeback.
“One person I really think should come back man is Andre 3000,” Cham told SOHH. “I don’t know if he’s going to but man, the game needs that dude man. For real. Musically, anything, features, I’d be happy with anything. He’ll do one feature every ten years. [laughs] Like d*mn man, he came out with that ‘Walk It Out’ remix and that was ill, he ripped it. And that was it, he kinda fell back again. That’s kinda what a lot of the OG’s are doing, Eminem is the same way. I know what Eminem is capable of, I know he does a lot of that crazy stuff to get people out there, I had a conversation with him, actually, I don’t want to repeat what was said but he said something that was so interesting to me. He made me think about every person in the industry that actually wants to be creative, it’s always that little bit of hesitance. And they don’t want to do it because they’re worried about how people will take it and how it will sell.” (SOHH)
Cham 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)
No further details have been revealed as of now.