Music

Nas Loses Georgia Home to Foreclosure

Mon., Oct. 15, 2012 8:09 AM EDT
by Nicholas Robinson

Life may be good for Nas and his music, but things aren’t going so well when it comes to his finances. Reports have revealed that the hip-hop legend recently lost his home in Georgia to foreclosure.

According to TMZ, official records show that Nas purchased the 3,500-square-foot, 2-bedroom, 3-bath home in 2004 for $585,000.

However, SunTrust bank, who issued Nas the loan for the house, says that Nas defaulted on the payments and still owes them $507,000.

The bank recently foreclosed on the home and then sold it at a public auction for $384,500.

This is just the latest in a series of rough financial patches for Nas. In January 2011, Nas was given a break in his child support case when he convinced a judge to cut his child and spousal support payments to ex-wife, Kelis, in half from $51,000 a month to $25,000.

Earlier this year, the IRS obtained a $339,000 tax lien against Nas for unpaid taxes from 2010, and a month later, the government filed documents in the state of Georgia to have his wages garnished from his music publishing until the debt is paid off. Nas reportedly owes the government $6 million in unpaid taxes from previous years.

Well, it looks like life isn’t so good for Nas. Maybe, life really is “a b—ch.” Unfortunately, he’s not alone in his home financing issues. Check out some other debt-heavy stars below. –nicholas robinson

 

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