Sean “Diddy” Combs reportedly owes nearly $100 million in mortgage payments on three mansions in Los Angeles and Miami that were raided by federal agents this week.
The embattled rapper took out eight bank loans to purchase the sprawling property, totaling a whopping $140 million. Daily Mail reported.
The Department of Homeland Security announced Monday that the 54-year-old music mogul, who Forbes magazine estimates is worth about $1 billion, is being investigated for a variety of charges, including sex trafficking. We conducted a search.
According to the Daily Mail, Combs bought his home in Los Angeles’ upscale Holmby Hills neighborhood in August 2014 for $39 million.
The property has eight bedrooms, 11 bathrooms, and an underwater swimming tunnel.
To finance the elaborate property, he took out two mortgages ($25.35 million each) from Bank of America in 2014 and May 2021, the outlet reported. Neither appears to have been repaid. The former mortgage is scheduled to be fully repaid in August 2029, and the latter in May 2036.
In addition to the LA pad, he also purchased two adjacent mansions on Miami Beach’s exclusive Star Island.
He took out five mortgages on one of his Miami properties, a nine-bedroom, 12-bath waterfront home he bought from Sony Music boss Tommy Mattola in 2003 for $14.5 million. They owe a total of $68.45 million.
So far, he has repaid $42.35 million, according to the Daily Mail.
The 10-bed, six-bathroom mansion next door was purchased from Gloria and Emilio Estefan in July 2021 for $35 million. He has a single mortgage on the property, from Bank of America, for $20.7 million, which is due in August 2036.
That means Combs has taken out eight mortgages worth $139.85 million between his Los Angeles and Miami homes.
Approximately $97.5 million remains unpaid.
This music mogul probably has other assets across the country.
Diddy has not been charged with any crime pending an ongoing investigation.
A Department of Homeland Security official told the Post on condition of anonymity that the case had been active for several weeks and that authorities “believe there is a disturbing history of sex trafficking.”
At least four Jane Does and one John Doe are being questioned by New York prosecutors in connection with sex trafficking allegations and RICO cases.
