Diddy owes the bank nearly $100million after taking out EIGHT mortgages on his three
Diddy has borrowed an eyewatering $140million from multiple banks to pay for his extravagant property empire – raising questions as to whether he really does have a $1billion fortune.
It could be the biggest home loan amount ever taken out by a Hollywood star, as the-54-year-old has needed several mortgages to fund the purchase of three luxury mansions in Los Angeles and Miami.
All three were raided on Monday by Homeland Security – after mounting sexual harassment and rape lawsuits – with agents ransacking the homes, taking away boxes and bags of evidence.
Nearly $100million is still owed by the rapper, producer and entrepreneur, which is due to be paid back within the next few years with one $23million loan needing to be settled by 2029.
Diddy, 54, took out several mortgages to fund the purchase of three luxury mansions in Los Angeles and Miami. The rap star borrowed nearly $140million from multiple banks to pay for the homes, which were all raided on Monday, and over $100million is still owed
He purchased his LA home for $39million in August 2014. It is in the celeb enclave of Holmby Hills and has eight bedrooms, 11 bathrooms and an underwater swimming tunnel
Diddy bought side-by-side luxury estates on uber-wealthy Star Island in Miami Beach. He took out several mortgages for each
In 2022, Forbes estimated that Diddy, who has seven children with four different women, was estimated to be worth $1billion.
He purchased his LA home for $39million in August 2014, situated in the celeb enclave of Holmby Hills. It has eight bedrooms, 11 bathrooms, and an underwater swimming tunnel that connects to a grotto.
Diddy took out two mortgages in 2003 when he bought the Miami pad owned by Tommy Mattola – music mogul and Mariah Carey’s ex husband – for $14.5million
It’s been saddled with two mortgages from the Bank of America, both for $25.35million, in 2014 and May 2021 and neither appears to have been paid off. The former is due to be repaid in full in August 2029 and the latter in May 2036.
Diddy, real name Sean Combs, has also bought side-by-side luxury estates on uber-wealthy Star Island in Miami Beach, both of which were also raided this week in the sex trafficking probe.
Two mortgages were taken out when he bought a waterfront nine-bed, 12-bath 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 those loans – a balloon mortgage for $1.5million – is from previous owner Mottola and had to be paid back within two months.
The second was for $7.25million with CitiMortgage and is due to be squared up in December 2033.
It became more complicated two years later, in February 2005, when he initially borrowed a further $22million from HSBC Bank USA and the move was so risky on the bank’s part that Combs had to personally act as guarantor.
In February 2005, Diddy borrowed $22million from HSBC Bank USA and the move was so risky on the bank’s part that Combs had to personally act as guarantor
He took out a second mortgage for his Miami home for $7.25million with CitiMortgage and is due to be squared up in December 2033
Diddy bought a mansion next door to his current Miami mansion and took out a home loan for $20.7million in 2021
In November 2007, he’d managed to reduce the mortgage to $12.95million before paying the whole lot off 11 years later in July 2018.
Yet, while he was paying off some home loans, like this one, he was fixing up others to put in their place.
In June 2018, he borrowed $18.85million from a different lender, Bank of America, which he wiped out in September 2021.
Four months earlier, Combs borrowed a further $18.85million with the same bank. That loan needs to be settled by May 2036.
Homeland Security agents are seen outside of Diddy’s home in Los Angeles on Monday as part of a ongoing sex 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 purchased in July 2021 from Gloria and Emilio Estefan for $35million and has ten beds and six baths.
It’s much simpler than the mortgage deals for the adjacent pad, as he’s only had one home loan for $20.7million with Bank of America due to be repaid by August 2036.
That means across Combs’s Los Angeles and Miami homes he’s taken out eight mortgages worth $139.85million, of which, $97.5million is currently outstanding.
He is likely to have other property in his native New York and possibly elsewhere.
Combs bought this ‘abandoned mansion’ on the outskirts of Atlanta in Sandy Springs, which he paid $2.6million for in October 2003
Photos show the interior of the dilapidated home. Diddy was hoping to renovate it, although wasn’t able to get the necessary funding
The abandoned mansion has a pool that has turned a murky green. It appears Diddy sold the place in 2007 for a cut-price $1.3million
Another clue in his property portfolio as to why Combs may 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.
Urban explorer Abandoned Southeast took images of the eight bed Italian Baroque-style villa – known as Casa Nirelle – in 2022, which showed the desolate interior and exterior including a 60,000 gallon salt pool.
According to real estate listings it also has a sauna, home theater and a ‘secret room’.
The identity of the current owner is unclear, but it was reported that Diddy was hoping to renovate it, although wasn’t able to get the necessary funding.
Abandoned Southeast claimed that was due to the financial crash of 2008, yet it appears that Diddy sold the place in 2007 for a cut-price $1.3million.