Chamillionaire Is Latest Victim of Down Housing Market

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Photo: Patrick McMullan

Back in 2006, not long after his song "Ridin'" was nominated for a Grammy, Rapper Chamillionaire paid around $2 chamillion for a 7,583-square-foot mansion in his native Houston. Recently, however, he stopped making payments on the house, letting it lapse into foreclosure, making us wonder: Was Chamillionaire sold one of those sneaky adjustable-rate mortgages? Is he fighting back against unsavory lenders by making a political statement? Or did he blow all his money on cars,Hennessy, and ginormous necklaces? No, he stresses to TMZ, going into foreclosure was merely a "business decision," not a result of "financial negligence or anything like that." "This house was my most expensive mortgage," he explained. But "when the market went down..the house ended up being worth nothing...I decided to just let it go and give it back to the bank. It wasn’t a situation where they came and took it from me. I 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." Fair enough. Chamillions don't grow on trees.

Chamillionaire — I Chose to Be Foreclosed On [TMZ]