Apparently, rapper Chamillionaire recently foreclosed on one of his Houston properties, which was repossessed by the bank.
However, the Houston rapper isn’t experience money problems. He tells TMZ that it was part of a calculated business plan.
Chamillionaire says the 7,583 sq. foot mansion, which he purchased in 2006, just wasn’t worth the hefty monthly mortgage payment … so, he stopped making payments.
“I have multiple mortgages — some for me, some for other people. This house was actually my most expensive mortgage,” the rapper told TMZ. “I decided to let that house go because the house ended up being worth nothing. When the market went down, the house went down too. It was just worth nothing. I paid close to $2 million for the house, and I decided to let it go, give it back to the bank.”
Cham said he was never at the home, due to his constant touring schedule, so being the business man that he is, he let it go into foreclosure rather than keep making payments.
Chamillionaire made it clear that he is far from broke though. Belie dat…
On his Twitter page (@Chamillionaire), on Thursday (June 3), the rapper hinted at the purchase of a new mansion. “I”m guessing TMZ left out the part about the new mansion. That’s cool though,” Cham wrote.