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:
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.