Nas' Foreclosed Atlanta Mansion Sold in Auction

Life is not so good for Nas. Just because he's a rapper with a recent No.1 album doesn't mean he's immune to the current recession crippling America.

Nasty Nas is the latest victim of the banks after being forced to foreclose on his Atlanta-area home. The rapper purchased the 3,500sq. ft home in 2004 for $585,000 but was unable to foot the mortgage. According to TMZ, Nas owed the bank $507,000 in back payments before it repossessed the home. The house -- located in the Eagle's Landing subdivision south of Atlanta and complete with a pool, gym and game room -- was put up for auction this week and purchased for only $348,500. (Given the whopping $236,500 difference in resale price, the rapper most likely made out of the situation losing less money than if he had put it on the market after the U.S. subprime mortgage crisis.)

The Queens native still has a home in New York City, where he currently resides. Check out more photos of Nas' old pad here.