Diddy has borrowed an eyewatering $140million from a number of banks to pay for his extravagant property empire – elevating questions as as to whether he actually does have a $1billion fortune.
It could possibly be the most important home mortgage quantity ever taken out by a Hollywood star, as the-54-year-old has wanted a number of mortgages to fund the acquisition of three luxurious mansions in Los Angeles and Miami.
All three had been raided on Monday by Homeland Security – after mounting sexual harassment and rape lawsuits – with brokers ransacking the properties, taking away bins and luggage of proof.
Nearly $100million continues to be owed by the rapper, producer and entrepreneur, which is because of be paid again throughout the subsequent few years with one $23million mortgage needing to be settled by 2029.
Diddy, 54, took out a number of mortgages to fund the acquisition of three luxurious mansions in Los Angeles and Miami. The rap star borrowed almost $140million from a number of banks to pay for the properties, which had been all raided on Monday, and over $100million continues to be owed
He bought his LA home for $39million in August 2014. It is within the celeb enclave of Holmby Hills and has eight bedrooms, 11 loos and an underwater swimming tunnel
Diddy purchased side-by-side luxurious estates on uber-wealthy Star Island in Miami Beach. He took out a number of mortgages for every
In 2022, Forbes estimated that Diddy, who has seven kids with 4 totally different ladies, was estimated to be value $1billion.
He bought his LA home for $39million in August 2014, located within the celeb enclave of Holmby Hills. It has eight bedrooms, 11 loos, and an underwater swimming tunnel that connects to a grotto.
Diddy took out two mortgages in 2003 when he purchased the Miami pad owned by Tommy Mattola – music mogul and Mariah Carey’s ex husband – for $14.5million
It’s been saddled with two mortgages from the Bank of America, each for $25.35million, in 2014 and May 2021 and neither seems to have been paid off. The former is because of be repaid in full in August 2029 and the latter in May 2036.
Diddy, actual identify Sean Combs, has additionally purchased side-by-side luxurious estates on uber-wealthy Star Island in Miami Beach, each of which had been additionally raided this week within the intercourse trafficking probe.
Two mortgages had been taken out when he purchased a waterfront nine-bed, 12-bath pad in November 2003 for $14.5million from Sony Music head Tommy Mottola, credited with guiding the careers of Mariah Carey and Diddy’s ex Jennifer Lopez.
It seems there have been monetary constraints on the time for Combs, as a type of loans – a balloon mortgage for $1.5million – is from earlier proprietor Mottola and needed to be paid again inside two months.
The second was for $7.25million with CitiMortgage and is because of be squared up in December 2033.
It turned extra sophisticated two years later, in February 2005, when he initially borrowed an additional $22million from HSBC Bank USA and the transfer was so dangerous on the financial institution’s half that Combs needed to personally act as guarantor.
In February 2005, Diddy borrowed $22million from HSBC Bank USA and the transfer was so dangerous on the financial institution’s half that Combs needed to personally act as guarantor
He took out a second mortgage for his Miami home for $7.25million with CitiMortgage and is because of be squared up in December 2033
Diddy purchased a mansion subsequent door to his present Miami mansion and took out a home mortgage for $20.7million in 2021
In November 2007, he’d managed to scale back the mortgage to $12.95million earlier than paying the whole thing off 11 years later in July 2018.
Yet, whereas he was paying off some home loans, like this one, he was fixing up others to place of their place.
In June 2018, he borrowed $18.85million from a unique lender, Bank of America, which he worn out in September 2021.
Four months earlier, Combs borrowed an additional $18.85million with the identical financial institution. That mortgage must be settled by May 2036.
Homeland Security brokers are seen exterior of Diddy’s home in Los Angeles on Monday as a part of a ongoing intercourse trafficking investigation
An HSI (Homeland Security Investigations) officer is seen at Diddy’s waterfront mansion in Miami on Monday
For one among his Miami properties, he is taken out 5 mortgages totaling $68.45million – and, up to now, paid off $42.35million.
The mansion subsequent door was bought in July 2021 from Gloria and Emilio Estefan for $35million and has ten beds and 6 baths.
It’s a lot less complicated than the mortgage offers for the adjoining pad, as he is solely had one home mortgage for $20.7million with Bank of America on account of be repaid by August 2036.
That means throughout Combs’s Los Angeles and Miami properties he is taken out eight mortgages value $139.85million, of which, $97.5million is at the moment excellent.
He is prone to produce other property in his native New York and presumably elsewhere.
Combs purchased this ‘deserted mansion’ on the outskirts of Atlanta in Sandy Springs, which he paid $2.6million for in October 2003
Photos present the inside of the dilapidated home. Diddy hoped to renovate it, though wasn’t capable of get the required funding
The deserted mansion has a pool that has turned a murky inexperienced. It seems Diddy bought the place in 2007 for a cut-price $1.3million
Another clue in his property portfolio as to why Combs will not be as wealthy as assumed, is the ‘deserted mansion’ on the outskirts of Atlanta in Sandy Springs, for which he paid $2.6million in October 2003.
Urban explorer Abandoned Southeast took photographs of the eight mattress Italian Baroque-style villa – generally known as Casa Nirelle – in 2022, which confirmed the desolate inside and exterior together with a 60,000 gallon salt pool.
According to actual property listings it additionally has a sauna, home theater and a ‘secret room’.
The id of the present proprietor is unclear, but it surely was reported that Diddy hoped to renovate it, though wasn’t capable of get the required funding.
Abandoned Southeast claimed that was because of the monetary crash of 2008, but it seems that Diddy bought the place in 2007 for a cut-price $1.3million.
