Chamillionaire Addresses Broke Rumors

According to Chamillionaire’s live broadcast on Ustream last night (June 9), rumors of his financial demise have been greatly exaggerated. The Houston-based rapper known for such hits as “Ridin’ Dirty,” “Turn It Up” and “Hip-Hop Police” addressed the reports concerning his alleged lack of fiscal responsibility sparked by the recent TMZ story on his foreclosed $2 million home.

Cham recently lost his 7,583 square foot home after falling behind on several payments. Koopa disclosed in his telecast online that he decided to let the house go because it had become a bad real estate investment. He and his financial advisor went to his bank to refinance the house, but the bank would not budge. After considering surrounding circumstances such as his mother dealing with cancer and numerous medical bills associated with that and the recent birth of son, Xavier, Cham chose to let the house go to foreclosure.

“The name Xavier means ‘new house,’” Cham said. “So I took that as a sign that I was doing the right thing.”

As for the knots in his pockets, the Grammy Award-winning MC assured fans that he’s not hurting for stacks. “Me and Universal have a 50/50 deal,” Cham said. “I make what they make. My last album Ultimate Victory wasn’t as successful as my debut album but I made money because I paid everything out of my own pocket and went back to Universal and got reimbursed for that. I kept the cost low.”

The normally very private rapper also added that he has family and people that depend on him, so his concerns lean towards being more responsible with his financial choices rather than how they make him appear in the public light. “My mother has cancer and she was looking at my house and my lifestyle and was afraid to come to me about money for medical bills,” Cham said on the Madd Hatta Morning show. “And I’m like, don’t do that. Whatever bills you have come to me about it. I had to ask myself was keeping a house that was not worth all the money I’d been paying on it worth more than my mother or my son? So that’s the decision I made. I gotta make sure I make good moves.” —Maurice Bobb

  • anutha_level

    people just need to let niggas live their lives…nobody knows who is going through what these days. let niggas LIVE…..damn.

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  • HollyHood

    Sounds pretty broke to me… How many niggaz u know forclose on a house when they arent hurting… stop using ur mama as an excuse. niggaz take care of the moms everyday plus kids and pay their mortgages… he just made some bad decision with his money, it happens to the best of them

    • The Decatur Dictator

      Yo HollyHood, do you live in the states? Because if you do then you would know that the majority of americans that bought houses (I’m sure you dont own one or you wouldn’t) have made that ignorant statement) owe more than the house is worth in this economy? Why pay top dollar per month on a house that worth 1/2 of what it was when you bought it? Who’s getting over on that deal? Exactly, the bank! Any person with a small bit of sense knows that you wanna maximize your bottom line, stay in the black, not the red. So, it makes since to dump a losing investment, go one house over and buy that one for 1/2 the price you were paying…make sense? You net wealth is determined by how much money you KEEP, not how much you spend. When will stupid negro’s learn. YOu probably spend your every last dime on Jordans….Dumb ass…..

    • The Decatur Dictator

      Yo HollyHood, do you live in the states? Because if you do then you would know that the majority of americans that bought houses (I’m sure you dont own one or you wouldn’t) have made that ignorant statement) owe more than the house is worth in this economy? Why pay top dollar per month on a house that worth 1/2 of what it was when you bought it? Who’s getting over on that deal? Exactly, the bank! Any person with a small bit of sense knows that you wanna maximize your bottom line, stay in the black, not the red. So, it makes since to dump a losing investment, go one house over and buy that one for 1/2 the price you were paying…make sense? You net wealth is determined by how much money you KEEP, not how much you spend. When will stupid negro’s learn. YOu probably spend your every last dime on Jordans….Dumb ass Boy!…..

    • PZ

      you right on with that one…lets call it like it is man. And true enough…it aint no thang man folks goin broke left and right?

      cham came in and made money young while doin it independent when shit was fire in houston…he did his thing. In doing so he created for himself a lifestyle and responsibility set that he is now currently unable to maintain. I refuse to believe that letting the house go was anything less than a last resort in order to slow the reality of going broke. When you got more goin out than you got comin in…thats the basic definition of going broke. It’s not rocket science.

  • http://myspace.com/kidpistol Kid Pistol

    Ughhh Hollyhood you’re so wick wack bro, Cham ain’t broke gimme a break. Get outta here with that trash

  • dat k00n nigga

    two words

    Niggaz Rich

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  • ddc

    poorly written artical. who or what is “koopa”? the artical reads like a bad 11th grade book report on greek gods getting information fron an encyclopedia.for rereporting the news you get a f-.

  • Htown Down

    ddc clearly you’re not a fan of Cham or you’d know that he uses Koopa as a rap alias much like Jay-Z uses Young Hov. And for someone giving out grades, learn how to spell. It’s article, not artical. And it’s Greek not greek. Maybe you should revisit the 11th grade…

    • ARKANSAS SOUTH IN YA MOUTH

      Mainnn I gots to agree with you on that one bo, he asked for it and I swear you gave it to him! Nobody asked him that shit. If he hadnt been so arragont about his superiority, i’m pretty sure you would have overlooked him. But the same thing he critisized THE ARTICLE FOR HE FAILED TO DO! LMAO! MAYBE HE WILL SHUT THE FUCC UP NEXT TIME!

  • Aybay

    ^lmao. How’d that taste ddc?

  • Aybay

    ^lmao. How’d that taste ddc?

  • DownSouth

    Koopa is one of my fav rappers. He’s smart so I know he will keep money.

    DOWN SOUTH!!!

  • KLETEWOOD

    On a $2 million home (depending on what he put down) Lets say $1.6 million is financed. He’s still gotta fork out about $10,500 a month. It doesn’t sound like a lot…but, when you gotta make them payments every month…plus, cars and other shit…he gotta clear about $20K a month on a minimum.

    If he sells 100k records a year on a 50/50 split….he still wouldn’t make enough to keep his head above water.

    Average Rappers Aint Rich….unless you got some side hustle.

    • http://www.bboycult.com $yk

      ^^^^ truth.org

  • banker

    see even reach niggas! have bad credit. SMH, foreclosure is not the answer your dumb fuck

  • banker

    if that nigga took 10% of all the money he earned and put it in some mutal funds, he would be set for life, but that aint gansta, so that nigga is broke!! HAHAHHA!!!!

    compound interest nigga, compound interest

  • smokey berra

    yep,you goin to see him on a vh1 special soon.not a surprise.only 1 good sellin album and that few mill dont last forever.most rappers dont have alot.maybe a mill or 2 but if you stupid with it then itll be gone ina year or 2.

  • MR. UNDI$PUTED THE MOGUL

    “Banker” your clearly not a Banker or someone with real knowledge of what really happens on Wall $treet.

    “if that nigga took 10% of all the money he earned and put it in some mutal funds, he would be set for life”

    This^ statement^ above may be the most stupidest (because its dumb) & ignorant (becuase you don’t know any better)I’ve ever read.

    Ask all the investors & mutual fund managers that lost billions of dollars when the tech bubble burst in the early 2000′s if it’s that easy. Stocks go up & down, an investment in a mutual fund only guarantees that the Fund Manager will get paid his commissions on all of the $ whether the fund makes or loses $$$$. If he’s looking to put his money some where safe he needs to (as the “GZA” stated so eloquently on The Chappelle Show) diversify his bonds. He or anyone can buy Federal T-Bonds & T – Notes paying you 10% or different amounts of interest yearly guaranteed no matter what happens, unless this whole country is destroyed.

    PEACE & GET MONEY!!!
    MOGUL $$$ GAME ’10!!

  • Face Phoenix

    I don’t know Cham’s Affairs but I more than understand this [after filing bankruptcy myself] – you have to scale back on your lifestyle when you no longer make the amount you once earned to afford a certain lifestyle. Sometimes it just make sense to scale back from three cars and a motorcycle to just two cars or a 5 bedroom home to a 3 bedroom. Many don’t recognize this until it is too late. I just think Cham knows it’s time to scale back and concentrate on what’s important. I only wish more people would recognize the warning signs I once ignored before it’s too late and you have to start from scratch.

  • Worldizmine

    dude is not broke a lot of people with big money doing the same thing!

  • http://www.myspace.com/slotchmusic ms_spittuh

    Things happen..and Cham knows what he’s doing. He’ll be alright. Prayers to his moms…my pops going through the cancer thing too…its no joke…

  • Zood

    For anyone that didn’t see the ustream, essentially what was said was that because his property went into negative equity there was no point paying more for a house than it was actually worth. As a result he ended up getting a new place, same size but for a lot less money. When there are bills to pay priorities change. I’m sure he makes plenty, but unlike most rappers, he’s just not an idiot with it.

  • http://www.reverbnation/tasmoney tasmoney

    what does it matter id duke is broke or not? is that our money to argue and dispute about? was that our house that was forclosed? its easy for a muthafucka to have an opinion when he on the outside looking in. Cham touched a million plus dollars. can any of you all say the same? cuz if not, how can you even begin to bicker over how to handle it. wise up niggaz.

  • http://moneynmusic.com money & music

    Starts with the Adviser, Client Relationship, and this is no one’s business but to learn from. One word, BUDGET

  • Escobar9300

    Man get off Koopas dick, for real. Its none of our business what dude spends or his financial situation. Cham makes dope, intelligent music and I, like alot of people around the world, enjoy it. Thats all that homie has to do to entertain me, Im not gonna shit on another man for a financial mistake. I got my own bills to worry about. Smh

    • GOD

      ^^Exactly. Why do people worry about these rappers’ financial situations anyway? It’s not like they’re cutting you a check. What happened to listening to music for the sake of the music?

  • http://www.jamal7mile.blogspot.com Jamal7Mile

    Good to see that a lot of commenters got it right by NOT CARING if he’s rich or broke. Don’t count the next man’s money – that’s what gold-diggers and thieves do.

  • newyawka631

    Koopa is def one of the best in da south…I’m feeling da music and he doesn’t floss/brag about cash as much as these other catz….BUT most rappers throw that they’re ballin in our face…So when they go broke,muthafuckaz laugh…His last album was fire,by da way…He’s taking care of his Mom’s..I respect dat….Da credit score is gonna take a hit though…

  • http://www.myspace.com/mzteflon2011 Mz Teflon

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  • http://asianmanflavor@Msn.com CA BIG

    @Hollyhood silly as nigga Cham said it was a bad investment so he let it go . Also dickhead where we are from we take care of our mothers

  • ULTRA PAPER

    I like this article because it is getting people to talk about finances. I am going to have to disagree that Federal Bonds & T-Bills will allow 10% return on investment per year guaranteed. This is a major myth except for those who are actually rich enough to dispute this. People don’t realize how much money a person would have with just a 10% return in any investment. The best way to get rich is to stop listening to financial planners, accountants, and, lawyers. You have to control your own money and tell them where it goes. 1st choice is your own business where you see the books and you write the checks. Hopefully you do your own book keeping. Second choice, mergers and acquisitions. Only do this is you gain a major control in decision making process and you get to check the books. There after invest in index funds.

    It is hard to gain a decent return from investments and your finger need to be on the pulse at all times or your money will disappear from all kinds of charlatans. From those who charge excess fees, to outright bad advice just to consult.

  • B-Money

    Nope. All you niggaz is wrong. He broker than a mufucka! He lives in the same apartment complex as me. I seen him get into a beat up Dodge Neon the other day. He really is “Ridin’ Dirty.”

  • Southcidal

    I don’t know his financial situation, but these rappers glorify being so overly rich. One would think that he could take care of the hospital bills, the new kid and the house rich as he claimed to be. The rap game has changed. What happened to Cham, Paul Wall, Mike Jones, Ying Yang, Trillville, Lil John, Lil Flip? Hot as a UPT sidewalk in July one minute and gone the next. Shows what happens when you chase the hot trendy sound instead of making shit from your heart that’ll garner a loyal fan base. Trends come and go, and so do those fickle fans. For the record I think Chamillionaire is much more talented than the aforementioned group, but has somehow faded with them.

  • ff1one@yahoo.com

    lol at the dude who didn’t know his alias was koopa and misspelled article. Broke? i doubt that he is broke, but maybe not stupid rich. The housing market was f’d up and alot of people made bad deals during that period. Cham is a real dude by “real” he doesn’t front. let him breathe.

  • Anonymous

    man for anyone that cares…check out the forbes richest rappers list from 2006-2008…he was on there makin 11, 11, and 10 million for each of them years…that ain’t even show money which he makes 10k-100k per show, plus all the mixtapes he sold