Poltics
Diddy has borrowed an eyewatering $140million from more than one banks to pay for his extravagant property empire – raising questions as to whether he in reality does cling a $1billion fortune.
It might well perhaps additionally be the largest home mortgage quantity ever taken out by a Hollywood distinguished person, as the-54-year-conventional has important several mortgages to fund the aquire of three luxury mansions in Los Angeles and Miami.
All three were raided on Monday by Homeland Security – after mounting sexual harassment and rape proceedings – with brokers ransacking the homes, taking away containers and bags of evidence.
Nearly $100million is calm owed by the rapper, producer and entrepreneur, which is on myth of be paid abet within the following few years with one $23million mortgage needing to be settled by 2029.
Diddy, 54, took out several mortgages to fund the aquire of three luxury mansions in Los Angeles and Miami. The rap distinguished person borrowed nearly $140million from more than one banks to pay for the homes, which were all raided on Monday, and over $100million is calm owed
He bought his LA home for $39million in August 2014. It is far in the celeb enclave of Holmby Hills and has eight bedrooms, 11 lavatories and an underwater swimming tunnel
Diddy sold side-by-side luxury estates on uber-smartly off Huge title Island in Miami Beach. He took out several mortgages for every and every
In 2022, Forbes estimated that Diddy, who has seven youth with four assorted females, was estimated to be value $1billion.
He bought his LA home for $39million in August 2014, located in the celeb enclave of Holmby Hills. It has eight bedrooms, 11 lavatories, and an underwater swimming tunnel that connects to a grotto.
Diddy took out two mortgages in 2003 when he sold the Miami pad owned by Tommy Mattola – tune mogul and Mariah Carey’s ex husband – for $14.5million
It is been saddled with two mortgages from the Bank of The USA, both for $25.35million, in 2014 and May perhaps well perhaps additionally simply 2021 and neither appears to cling been paid off. The outmoded is on myth of be repaid in paunchy in August 2029 and the latter in May perhaps well perhaps additionally simply 2036.
Diddy, sincere title Sean Combs, has also sold side-by-side luxury estates on uber-smartly off Huge title Island in Miami Beach, both of which were also raided this week in the intercourse trafficking probe.
Two mortgages were taken out when he sold a waterfront nine-bed, 12-bathtub 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 appears there were financial constraints at the time for Combs, as one of these loans – a balloon mortgage for $1.5million – is from old proprietor Mottola and needed to be paid abet within two months.
The second was for $7.25million with CitiMortgage and is on myth of be squared up in December 2033.
It was more complex two years later, in February 2005, when he initially borrowed a further $22million from HSBC Bank USA and the plug was so dangerous on the bank’s phase that Combs needed to personally act as guarantor.
In February 2005, Diddy borrowed $22million from HSBC Bank USA and the plug was so dangerous on the bank’s phase 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 on myth of be squared up in December 2033
Diddy sold a mansion next door to his most as a lot as the moment Miami mansion and took out a home mortgage for $20.7million in 2021
In November 2007, he’d managed to decrease the mortgage to $12.95million sooner than paying the total lot off 11 years later in July 2018.
But, whereas he was paying off some home loans, admire this one, he was fixing up others to assign in their station.
In June 2018, he borrowed $18.85million from a unique lender, Bank of The USA, which he wiped out in September 2021.
Four months earlier, Combs borrowed a further $18.85million with the identical bank. That mortgage wants to be settled by May perhaps well perhaps additionally simply 2036.
Homeland Security brokers are seen outside of Diddy’s home in Los Angeles on Monday as phase 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 of his Miami properties, he’s taken out five mortgages totaling $68.45million – and, so far, paid off $42.35million.
The mansion next door was bought in July 2021 from Gloria and Emilio Estefan for $35million and has ten beds and six baths.
It is rather more effective than the mortgage deals for the adjoining pad, as he’s only had one home mortgage for $20.7million with Bank of The USA on account of be repaid by August 2036.
That potential throughout Combs’s Los Angeles and Miami homes he’s taken out eight mortgages value $139.85million, of which, $97.5million is at this time outstanding.
He is more seemingly to cling other property in his native Original York and perhaps in other places.
Combs sold this ‘abandoned mansion’ on the outskirts of Atlanta in Sandy Springs, which he paid $2.6million for in October 2003
Photos indicate the interior of the aged home. Diddy was hoping to renovate it, even when wasn’t ready to gain the compulsory funding
The abandoned mansion has a pool that has was a sad inexperienced. It appears Diddy sold the station in 2007 for a decrease-value $1.3million
Another clue in his property portfolio as to why Combs could well perhaps additionally simply now not be as rich as assumed, is the ‘abandoned mansion’ on the outskirts of Atlanta in Sandy Springs, for which he paid $2.6million in October 2003.
City explorer Abandoned Southeast took photos of the eight bed Italian Baroque-vogue villa – identified as Casa Nirelle – in 2022, which confirmed the desolate interior and exterior including a 60,000 gallon salt pool.
According to sincere estate listings it also has a sauna, home theater and a ‘secret room’.
The identity of the most as a lot as the moment proprietor is unclear, but it certainly was reported that Diddy was hoping to renovate it, even when wasn’t ready to gain the compulsory funding.
Abandoned Southeast claimed that was on account of the financial atomize of 2008, yet it appears that Diddy sold the station in 2007 for a decrease-value $1.3million.