The rapper purchased the home in 2004 for $585,000 (£364,000), but still owed $507,000 (£315,500), reports TMZ.
SunTrust bank reportedly foreclosed on the property and then put in an auction on September, selling it to the highest bidder for $348,500 (£216,900).
In July 2011, Nas released his 11th studio album Life is Good, which was inspired by his "'90s rap renaissance" roots.
"The sound came back naturally to me in my case because I was part of the '90s rap renaissance," he explained. "I went back to that era back in my head and went back to producers from that time as well as ones who are only just starting out."
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