Recently, Houston rapper Chamillionaire allowed his $2 million mansion to go into foreclosure. According to the hit-maker behind songs like "Ridin' Dirty" and "Hip-Hop Police," his extensive touring schedule kept him on the road for so long that owning a 7,583 sq. foot mansion became more of a hassle than a luxury.
"I chose to be foreclosed on…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."
Although he admits he did stop making payments on the house as the housing market began to decline, he told TMZ that he is not broke. He still owns all of his other houses and cars, and in a recent Twitter post, even purchased another mansion this one's place.
UPDATE: Chamillionaire's financial woes make headlines again, this time finding the rapper burdened with a $184K debt to the IRS. According to Detroit News, the IRS filed a $184,692 lien against the rapper and his wife on November 23 with the Montgomery County (TX) Clerk. The owed delinquent federal taxes date back to as far as 2007.
Chamillionaire is prepping the release of his long-awaited third album Venom. He is currently on his "In Love With My Money" tour with fellow Houston emcee and former partner Paul Wall.