In spite of having a number one album on the charts this summer (Life Is Good), Nas has some serious debt issues that are starting to take their toll. The rapper just lost his home in Georgia, as he was unable to continue making payments on the $585,000 property, and the home was sold for hella cheap at an auction. That is a major bummer, although I’m sure he’s got one or two other places to lay his head. Click inside for more details.
TMZ has the story:
Life’s a bitch … Nas sang it and now he’s living it … because besides being knee deep in tax debt, TMZ has learned the rapper just lost his Georgia crib to foreclosure.
According to official records, Nas purchased the 2-bedroom, 3-bath pad back in 2004 for $585,000 … but according to SunTrust bank (which issued him the loan) … Nas couldn’t foot the bill and defaulted on the payments, still owing $507,000.
SunTrust recently foreclosed on the property and then sold it to the highest bidder at public auction last month for $348,500 … WAY LESS than the rapper paid eight years ago.
It’s a steal for the new owner — the house is over 3,500 square feet with a walk-in pool and hot tub … granite counter-tops … custom theater … gym and game room.
Yikes. I guess he really wasn’t kidding about those child support payments to ex-wife Kelis being unaffordable. Nas was initally ordered to pay Kelis a whopping $50,000/month, though it was later reduced to $25,000/month.
Interestingly enough, I just watched an amazing 30 For 30 documentary (aptly titled Broke) on ESPN about the relationship between sports, Hip-Hop, and money. More than half of NFL players go broke (BROKE!) after they retire and specialists and athletes were pointing to the impact of rap culture as one of many factors in the way many of us understand money and saving (or not saving). It was very interesting to see how celebrities– just like non-celebrities– live beyond their means sometimes, if only to appear to have money that they really don’t have.
Sigh. Lifestyles of the rich and famous! Do y’all feel for Nas on this one? Or do you feel like celebs (with alllll that money) should do a better job of making sure they can afford their homes, and cars, and clothes, and vacations, and fancy stuff?