State Property‘s Peedi Crakk has opened up about his tension with former Def Jam president Jay-Z and explained how he blew nearly $1 million of the label’s money in 2005.

Peedi claims the issue began when he didn’t deliver his debut album to President Carter.

“For one man to have control over the situation and not do it for whatever reason, I never knew what reason it was, I kinda have an idea but when he don’t do that, of course you gonna be a little upset,” Peedi explained in an interview. “The budgets were so crazy over there, we were blowing each other’s budgets. I messed up at least $900,000. I blew $900,000 of Def Jam’s money on flights, Moet, Cristal, lobster, shrimp, steak — but that’s because of Dame [Dash], he would just put the black card anywhere and let us ball and this went on for like the course of two, three years. Balling on Roc-A-Fella…Jay didn’t care about that money because my budget was for $600,000, I was $200,000 over budget, right, even being over budget, I still didn’t have the album done when I had the meeting with Jay. So I went to his office and explained that I would come through for him and get these songs done in like two weeks, he opened the budget up again for like $40,000 just to record at Baseline in Manhattan…I did the whole album in two weeks, so now that went up to like $840,000. So I don’t think it was the money, it was just our relationship. To keep it real with myself, when he was ready, I wasn’t ready. But then when I got myself ready, I guess he was just like, ‘I’m done.’ And that’s the real deal.” (Hip Hop Beef)

The rapper was reportedly released from prison earlier this month.

Former State Property rapper Peedi Crakk has finally returned home after spending more than a year in prison. Though his incarceration was largely kept private, the rapper became noticeably quiet after announcing that he was signing with indie upstart Amalgam Digital, for whom he was recording his long-awaited debut, ‘A Night in the Life.’ According to his managerBreigh, Peedi was released from prison on April 1, and is currently hard at work at Philadelphia’s Bat Cave Studios. Because he served a full-sentence, Peedi does not have to worry about parole this time around, serving out a simple probation. (The Boom Box)

A Twitter account under his name also welcomed the rapper’s return in early April.

“ALL PEEDI CRAKK INQUIRIES: Please contact Breigh via e-mail at [email protected] WELCOME HOME, PEEDI CRAKK!!! They have finally unleashed the Beast!!! Stay tuned….. @ThePlclark9505 Peedi is finally home! He just got out! The wait is over! Stay tuned……….” (Peedi Crakk’s Twitter)

Last fall, Jay-Z said he cut ties with Peedi.

“I speak to [Young] Chris often,” Jay revealed in an interview. “Freeway as well. I spoke to Beans when his grandma passed, we had a conversation. I don’t speak to Peedi at all ’cause he’s a psycho — no, he’s a psycho. That’s what I truly believe. Not trying to be funny or anything.” (Hot 97)

Check out Peedi Crakk’s interview below:

Peedi Is Back Home From Jail Explaining Downfall Of Rocafella & Why Jigga Stopped Messing With Him! from hiphopbeef on Vimeo.