Flagstar Bank claims Boosie, born Torence I. Hatch, declined to meet the payment, which was assigned on January 20, 2011, allowing the home to go into foreclosure. Boosie's home, which is listed by the Sheriff's office as located on Centurion Place in Baton Rouge, La., is still awaiting appraisal and will be auctioned off on June 29.
Boosie has apparently attempted to combat the reports of his financial troubles by leaking a photo of himself from his jail cell, shirtless and adorned with several slim chains and a gold bracelet.
While Boosie has still yet to be tried for the alleged murder of 35-year-old Terry Boyd, he is still serving out a two-year sentence for a prior drug conviction, and is suspected of involvement in five other murders, for which he may face the death penalty.
There is no word as to whether he will be penalized for possessing the jewelry in the leaked photo.
Watch Lil' Boosie's 'We Out Chea'