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Chamillionaire Insists He's Still Rich

June 04, 2010 04:47:08 GMT

Denying the report that he's gone bankrupt, the rapper said it was his decision to have his house repossessed by bank.


Chamillionaire
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Photo credit: Apega/WENN

Rapper Chamillionaire has cleared up reports he is in financial difficulty following the foreclosure of his Houston, Texas home, insisting it was his choice to have the property repossessed by bank bosses.

The "Ridin' " hitmaker, real name Hakeem Seriki, recently lost the $2 million mansion he purchased in 2006 after allegedly falling behind on his bank loan repayments. But the hip-hop star claims he "decided to let that house go" because the downturn in the economy had turned the property into a bad real estate investment, reports TMZ.com.

Chamillionaire tells the website, "I was always on the road touring. I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at." And he's adamant he's still rich, adding, "I still got all the cars."


 




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