Here’s what you wanted to see: nice fuzzy photos of the 7,583-sq.-ft. mansion in a gated neighborhood in The Woodlands recently repossessed from rap star Chamillionaire. Talking to TMZ reporter and comedian Adam Glyn yesterday in front of the W Hotel near New York’s Times Square, the Houston native says he gave the house in Carlton Woods back to the bank because he “just didn’t feel like it was a good business investment to keep paying that much mortgage for a house that I’m never at.”
This house actually was my most expensive mortgage. And 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 and it was just worth nothing. . . . I paid close to 2 million dollars for the house and I decided to just let it go, give it back to the bank. It wasn’t a situation where they came and took it from me. I felt like I didn’t want to pay that much money a month for a house that I’m never at. I was never at the house, I was always on the road touring . . .
The rap star, who bought the home under the name Hakeem Seriki Millionaire Mindframe Trust (Hakeem Seriki is his real name), actually paid $2.125 million for the property in 2006. TMZ reports the home was foreclosed on after the owner failed to make several payments. The 5-bedroom, 5 1/2-bath house on an acre-plus corner lot may have been “worth nothing” to him, but the bank will likely be able to squeeze a fair bit of money out of it:
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The foreclosed property was listed on May 27th with an asking price of $1.8 million, and went “option pending” the same day. Here’s a little photo tour around the place (Yes, Swamplot has enlarged the tiny photos, so you won’t miss a pixel):
“Im guessing TMZ left out the part about the new mansion,” Chamillionaire tweeted today. And it looks like they did. “That’s cool though,” he adds. The rapper, who’s most famous for “Ridin’ (Dirty),” the single he recorded in 2005 with Krayzie Bone, is CEO of record label Chamillitary Entertainment. He reportedly owns a tour bus company, and is co-owner of North Houston auto dealer Fly Rydes, on Aldine Mail Rd. near Aldine-Westfield. He tells Glyn:
I’m still Chamillionaire. I’ll let you know when I’m Chathousandaire — then y’all will have a real story.
Update: Chamillionaire gives a longer explanation.
“What’s all this about ‘paying on time’ and ‘setting a budget’ and ‘being responsible’ – it’s all nonsense, not for me.”
WHO?
How ghetto fabulous.
“Oh yeah, still in love with my money yeah
If the world was sucka free
It would be just me, and my money next to me”
…
from Chamillionaire’s ‘Still in Love Wit my Money’
Yeah Mies,
few know who’s at home –
Audis and Benzes inside fences –
in The Woodlands.
Pro ballers, TV talkers, all that
Laying low Playing holes
Paying assessment
in The Woodlands.
In the cages on off days
The party cue, kids with a tutor,
in The Woodlands.
Ha! movocelot, that’s good!
So this is why the locals out there call it The Hoodlands?
“I’m still Chamillionaire. I’ll let you know when I’m Chathousandaire — then y’all will have a real story.”
Someone better get him up to speed on Texas law and deficiency judgments. Unless he got a non-recourse loan, he’d be better off claiming he’s broke for the time being.
Nothing says keeping it real like living behind gates on the mean streets of Carlton Woods. But giving it back to the bank while keeping all the cars – thats straight hood, so I guess he gets props…..
The neighbors are having a block party as we speak.
And… 1.8 million doesn’t buy much these day does it, because that house just screams over-priced tract house.
If P is constant, SF is inversely related to %EFIS.
P = Price of House
SF = Total Square Footage of House
%EFIS = Percentage of exterior finished in EFIS.
In this case %EFIS = 100, so SF is maximized.
Correction: inversely should be directly.
Who is going to buy all of these foreclosed mega-mcmansions? Religious cults?
I like the front door. The rest looks like the Tuscan crap they build in Florida and *gasp* Orange County.
Did I say crap finally? I did. I’m so pleased with myself. That’s what most Tuscan looks like. Crap.