Sean ‘Diddy’ Combs is reportedly facing a huge mortgage debt of nearly $100 million on three luxurious mansions in Los Angeles and Miami.
These properties recently came under scrutiny when federal agents conducted raids as part of an investigation into various allegations, including sex trafficking, against the 54-year-old music mogul. Despite his estimated net worth of approximately $1 billion, Combs finds himself entangled in financial woes related to these opulent homes.
Here’s a deep dive into Diddy’s lavish properties
Los Angeles mansion:
- In the LA’s Holmby Hills neighbourhood, Diddy acquired this property for a whopping $39 million back in August 2014.
- The estate consists of 8 bedrooms, 11 bathrooms and even an underwater swimming tunnel,
- Bank of America provided two mortgage loans of $25m each to harness the vastness of this opulence. The mortgages, indeed, seem to have received neither of the two. The debut dividend is due to be paid before August 2029. The second mortgage is expected to be discharged in May 2036.
Miami Beach mansions:
- The 54-year-old pop icon felt the need to expand his real estate holdings after he purchased a pair of adjacent family homes on Star Island in Florida.
- The first Miami property, a nine-bedroom, twelve-bath neo-Georgian estate on the water river, was acquired for $14.5 million from Sony Music head Tommy Mattola in 2003.
- Diddy funded this property through a series of loans as follows: the 1st mortgage was in the amount of $9.99 million, the 2nd mortgage was for $27.45 million and the remaining mortgages were for $20.05 million and $10.4 million respectively. Thus far, he has successfully extinguished $ 42.35 million from a 62.35 million dollar debt.
- The second house, which had 10 bedrooms and 6 baths and came from the Estefan family for the cost of $35 million in July 2021.
- The New York native deposited a loan of 20.7 million acquisition dollars from Bank of America to purchase his home with a payment plan set for 30 August, 2036.
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Seems, the music mogul has taken out a total of eight mortgages, totalling a whooping debt of $139.85 million across his Los Angeles and Miami residences. Approximately $97.5 million of this debt remains outstanding.
Combs has not been formally charged with any crimes despite the ongoing investigations. Feds, however, suspect a troubling history of sex trafficking associated with the properties. New York prosecutors have interviewed at least four Jane Does and one John Doe in connection with these allegations and a RICO case.
