Nas Loses Home to Foreclosure
7 months ago
The rapper owed more on the house than it was worth on the auction block
Nas may have been a little too focused on sipping cherry wine and not focused enough on his house payments. The Queens rapper has lost his Georgia home to foreclosure, and TMZ reports that this is just the latest in a string of money woes for the legendary lyricist.
While the rapper probably won't admit it, the foreclosure is probably a case of walking away from a bad investment. The two-bedroom, three-bathroom home, which has a custom theater, walk-in pool, hot tub, gym, and game room, was purchased in 2004 for a reported $584,000.
[ALSO READ: Nas Owes IRS $6 Million]
The house was foreclosed and recently placed on the auction block, where it sold for $348,500, about 40 percent less than the purchase price.
News One reported that Nas owed SunTrust Bank $507,000, meaning the bank lost a little more than $100,000. By allowing the home to be foreclosed, Nas freed himself from a payment that's probably about $3,646 a month and eliminates a piece of property that is unlikely to be worth anywhere near what he paid for it any time soon.
Nas also has a $25,000 a month payment due to his ex-wife, singer Kelis, and his child from that marriage. Add to that the $6 million he owes to Uncle Sam that caused the government to actually begin garnishing his wages this year.
[ALSO READ Nas: 'I Wouldn't Stray Again']
Foreclosures are undesirable for most people because they take a serious toll on credit. But for individuals who often can pay cash for large assets (like rappers), they can be advantageous. The worst part is usually the pain of having to admit that you ain't got it like that anymore.