September 3 [7:55 EDT] -- The beleaguered MC Hammer has sold his California mansion at the fire sale price of $5.3 million according to a real estate column published in the L.A. Times.

The paper says the 6-year-old custom-built 6-bedroom home overlooking the San Francisco Bay was valued at $9.4 million. The 11,000 square foot residence, which included two swimming pools and a guardhouse, was initially put on the market in May for $6.8 million.

The sale only makes a dent in Hammer's debts that total nearly $14 million. The rapper declared bankruptcy in 1996. While his peak annual income was estimated at 33 million in 1991, his expenditures in addition to the house have included a Kentucky Derby racehorse, 17 cars and a Boeing 727. He's also said to have blown a wad on his record company, Bust It Productions.

Hammer, who's been toiling in obscurity for the past few years, is inching his way back into the spotlight. Last month he starred in a Showtime movie called

"Right Connections," and he has a new album, "A Family Affair," scheduled for release this October.