US Information
Sean “Diddy” Combs owes almost $100 million in mortgage funds on a trio of mansions in Los Angeles and Miami that have been raided by federal brokers this week, in accordance with a report.
The embattled rapper took out eight financial institution loans, totaling a whopping $140 million, to pay for the sprawling properties, the Daily Mail reported.
The Division of Homeland Safety searched the properties on Monday as authorities examine a variety of allegations, together with intercourse trafficking, in opposition to the 54-year-old music mogul, who Forbes estimates to be value roughly $1 billion.
Combs purchased his LA dwelling, situated within the elite Holmby Hills neighborhood, for $39 million in August 2014, in accordance with the Day by day Mail.
The property contains eight bedrooms, 11 bogs and an underwater swimming tunnel.
To fund the frilly property, he took out two mortgages from the Financial institution of America — every for $25.35 million — in 2014 and Could 2021, the outlet reported. Neither seems to have been paid off. The previous mortgage is because of be paid off in full in August 2029 and the latter in Could 2036.
Along with the LA pad, he additionally bought two neighboring mansions on Miami Seashore’s unique Star Island.
For one of many Miami properties, a nine-bedroom and 12 bathtub waterfront dwelling he purchased from Sony Music head Tommy Mattola for $14.5 million in 2003, he’s taken out 5 mortgages totaling $68.45 million.
To this point, he paid off $42.35 million, the Day by day Mail reported.
The ten-bed, six bathtub mansion subsequent door was bought in July 2021 from Gloria and Emilio Estefan for $35 million. For that property, he solely took out a single dwelling mortgage for $20.7 million with Financial institution of America attributable to be repaid by August 2036.
Meaning throughout Combs’s Los Angeles and Miami properties he’s taken out eight mortgages value a whopping $139.85 million.
Roughly $97.5 million stays excellent.
The music mogul possible has different properties all through the nation.
Diddy has not been charged with any crimes amid the continuing investigations.
An officer with the Division of Homeland Safety instructed The Submit the case has been lively for a number of weeks, and authorities “consider that there’s a disturbing historical past of intercourse trafficking,” stated the Miami-based officer, who spoke below situation of anonymity.
No less than 4 Jane Does and one John Doe have been interviewed by New York prosecutors in connection to sex-trafficking allegations and a RICO case.
