qemu over beagleboard-xm

Though it is stupidity since there is no hardware support. But efficient solution( para-virtualized ) than qemu are under development.
Though some where I read that qemu has support for arm host.
To test this, I compiled the qemu on arm, It compiled properly .
But when I try to use it

qemu-system-arm -M versatilepb --kernel versatile_vmlinuz

it gave me Illegal insturction.
Any Idea why this might have come ?
is there any one who has tried qemu on beagleboard-xm, kindly share the experience.