Things are not looking too good for Nas, legendary Queensbridge MC is no stranger to financial problems, the latest of which resulted in his Georgia home being foreclosed on, then sold at an auction.
Nas purchased the 3,5000 square-foot 2-bedroom, 3-bathroom home back in 2004 for $585,000. The home also boasts a gym, movie theater, and game room, among other amenities. His lender, SunTrust bank, sold the property to the highest bidder, for a substantially lower amount than God’s Son shelled out, eight years ago.
According to official records, the home went for $348,500 in a public auction held last month.
The rapper defaulted on the loan he received from SunTrust still owing $507,000 on the property, a number which added to his growing financial woes. Following the end of his marriage, Nas was ordered to cover his ex-wife Kelis’ bills including legal fees, health insurance and spousal support while they were going through divorce proceedings. He’s also had trouble paying Uncle Sam, and owes the IRS $6 million in back taxes, a debt which will be paid back partly through his music royalties.
On a positive note, Nas is coming off a pretty solid summer. The release of his Life Is Good album netted him another No. 1 debut, with the album selling 139,000 copies in its first week, and continues to inch its way to gold status.