The Bad Boy Records founder reportedly has relied on mortgages to acquire three luxurious mansions across Los Angeles and Miami and still owes nearly $100 million to the bank.
- Mar 30, 2024
AceShowbiz - Sean P. Diddy Combs, the well-known rapper and entrepreneur, has reportedly borrowed a staggering $140 million from various banks to finance his sprawling property portfolio. This loan amount potentially sets a record for the largest home loan ever taken out by a Hollywood celebrity. The 54-year-old mogul has relied on multiple mortgages to acquire three luxurious mansions across Los Angeles and Miami.
On Monday, March 25, Homeland Security conducted raids on all three of Diddy's properties amidst mounting lawsuits alleging sexual harassment and rape. Agents thoroughly searched the residences, seizing evidence.
Of the $140 million borrowed, approximately $100 million remains outstanding. One substantial loan amounting to $23 million must be settled by 2029.
Diddy's Los Angeles mansion, purchased in 2014 for $39 million, boasts eight bedrooms, 11 bathrooms and an underwater swimming tunnel leading to a grotto. However, records indicate that the property is encumbered with two mortgages from Bank of America, each totaling $25.35 million.
In Miami Beach's affluent Star Island area, Diddy has purchased two side-by-side luxury estates, both of which were subject to raids this week. One of the estates, a nine-bedroom, 12-bathroom waterfront residence, was acquired in 2003 for $14.5 million from music industry titan Tommy Mottola.
In 2022, Forbes estimated that Diddy possessed a net worth of $1 billion. However, his financial complexities, including the massive mortgage debt, have raised questions about the true extent of his wealth.
Another clue in Diddy's property portfolio suggesting potential financial strain is the "abandoned mansion" he purchased on the outskirts of Atlanta in 2003 for $2.6 million. Urban explorer Abandoned Southeast captured images of the dilapidated eight-bed Italian Baroque-style villa in 2022, revealing its desolate state.
Diddy reportedly attempted to renovate the mansion but was unable to secure the necessary funding. The property was eventually sold in 2007 for a cut-price $1.3 million.
