According to TMZ, the rapper purchased the home back in 2004 for $585,000 and he was $507,000 in debt to Suntrust Bank, who issued him a loan for the house, when it was foreclosed. The home was sold for $348,500 during an auction last month. According to the report, the 2-bedroom, 3-bathroom 3500 sq. ft. home has a walk-in pool and hot tub, granite counters, a customized theater, a gym and a game room.
Although Nas has lost a house, he has gained a lawsuit. He is being sued for cancelling a New Year’s Eve concert in Angola. The cancellation caused a couple of concert promoters to be held in the country against his will for 49 days for potential fraud charges. Nas paid back the $300,000 advance he received but Allgood Entertainment, the promoter of the concert still plans to sue. According to Nas, he had to cancel the concert because of unfinished business. “Basically he was a promoter that I never worked with, and he wanted me to come to Africa for New Year’s,” Nas said to MTV back in March. “The business wasn’t handled. There was nothing sent to me, and there were no flights… “I didn’t even have a visa to get in the country. So that’s canceled, the show’s canceled.”
Patrick Allocco, CEO of Allgood Entertainment, denied the accusations. Allocco, who was held in Algeria with his son, claims he was ruined by the incident and that his son Patrick Jr. was diagnosed with post-traumatic stress disorder due to his capture. “The fallout for us has been almost devastating,” said Allocco. “We cannot climb out. We can’t get out of the situation we’re in.” He also claims Nas still owes the company $75,000. “It pains us to watch him profit,” said Allocco. “Now he’s performing at Radio City and we’re trying to figure out how, and if, we’re going to survive as a company.”