Sean ‘Diddy’ Combs owes nearly $100M in mortgages on luxury LA, Miami mansions raided by feds: report
US News
Sean “Diddy” Combs owes nearly $100 million in mortgage payments on three mansions in Los Angeles and Miami that were raided by federal agents this week, according to a report.
The embattled rapper took out eight bank loans, totaling $140 million, to pay for his sprawling properties, the Daily Mail reported.
The Department of Homeland Security raided homes Monday as authorities investigate a series of allegations, including sex trafficking, against the 54-year-old music mogul, who Forbes estimates is worth about $1 billion.
Combs purchased his Los Angeles home, located in the upscale Holmby Hills neighborhood, for $39 million in August 2014, according to the Daily Mail.
The estate includes eight bedrooms, 11 bathrooms and an underwater swimming tunnel.
To finance the complex property, he took out two mortgages from Bank of America – each for $25.35 million – in 2014 and May 2021, the outlet reported. Neither appears to have been paid. The first mortgage is expected to be fully repaid in August 2029 and the second in May 2036.
In addition to the Los Angeles pad, he also purchased two neighboring mansions on Miami Beach’s exclusive Star Island.
For one of the Miami properties, a nine-bedroom, 12-bathroom waterfront home that he bought from Sony Music executive Tommy Mattola for $14.5 million in 2003, he took out five mortgages totaling $68.45 million.
So far, he has paid $42.35 million, the Daily Mail reported.
The neighboring 10-bed, six-bathroom mansion was purchased in July 2021 from Gloria and Emilio Estefan for $35 million. For this property, he only took out a single home loan of $20.7 million from Bank of America, which was to be repaid by August 2036.
This means that in Combs’ homes in Los Angeles and Miami, he took out eight mortgages worth a whopping $139.85 million.
About $97.5 million remains unpaid.
The music mogul likely owns other properties across the country.
Diddy has not been charged with any crimes during ongoing investigations.
A Department of Homeland Security officer told the Post that the case has been active for several weeks and that authorities “believe there is a disturbing history of sex trafficking,” said the Miami-based officer, who spoke on condition of anonymity.
At least four Jane Does and one John Doe have been questioned by New York prosecutors in connection with sex trafficking allegations and a RICO case.
Gn entert
News Source : nypost.com
