Chamillionaire had his Houston mansion repossessed by the bank after it went into foreclosure, but the rapper claims it was a calculated business decision.
He bought the 7,583 sq. foot home in 2006 for $2 million, but failed to make several payments.
The rapper said that he "decided to let that house go" because the real estate market had turned, leaving the house as a bad investment. Chamillionare also noted that he was never at the home.
"I was always on the road touring," he said. "I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at. I still got all the cars."
It could just be us, but wouldn't it have been a better business decision to sell and not eff up your credit for all eternity?!
[Image via WENN.]
Tags: chamillionaire, foreclosure