Rapper Nas (pictured) has lost his Georgia home to foreclosure, and unfortunately, this latest money woe is just another drop in the bucket for the hip-hop star, reports TMZ.
Nas’ 3,500-square-foot home was purchased back in 2004 for a reported $584,000. The performer allegedly could not keep up with the mortgage payment so he went into default, owing SunTrust, the bank which gave him the loan, $507,000.
Watch news coverage of the foreclosure here:
The two-bedroom, three bath home, which has a custom theater, walk-in pool, hot tub, gym, and game room, was reportedly foreclosed by the bank then placed on an auction block. The house was sold for a reported $348,500, an amount considerably less than what Nas, whose actual name is Nasir bin Olu Dara Jones, paid for it eight years ago.
It is no secret that Nas has had his fair share of money problems, particularly since parting ways with his ex-wife, singer Kelis two years ago. At the time, money became the center of their divorce war and was soon followed by custody issues.
Nas was left holding the bill and a judge eventually decided — after much back and forth — that he would dole out $25,000 a month, with $20,000 going to Kelis and $5,000 going to their child.
On top of his hefty divorce settlement, Uncle Sam also had his hand out to Nas to the tune of $6 million. The feds reportedly grew tired of waiting for their monies, so this year, they began garnishing Nas’ paycheck, via the music publishing organizations BMI and ASCAP.