Birdman ordered to IMMEDIATELY SURRENDER keys to $12M Miami mansion!

[Rembrandt]

Wasn't he tryna sell it for $20 mil after he renovated?
That has to hurt.

 

[mobbinfms]

dude defaulted on a house that is easily worth more than the initial mortgage anyone who is saying he won here is retarded

From the article, he took a 12 million dollar loan to purchase the home for 14.5 million. I’ll assume he had to put down the remaining 2.5 million.
How do you know the house is now worth more than 12 million?
If he’s underwater on the mortgage, it may make sense to walk away from the home.
That way we can either say he lost 2.5 million dollars or he rented the home for approximately 6 years for 2.5 million.
Either way, this is not a good result.
He could have made money investing the 2.5 million in mutual funds, or he could have purchased a home in an area where property values didn’t decline.

This is all assuming the Home lost value. If the home was still worth 14.5 million or had increased in value, then this is a sign he has a serious cash flow problem. But if that was the case, why wouldn’t he have sold the house and broke even or took a modest loss?

 

[mobbinfms]

Wasn't he tryna sell it for $20 mil after he renovated?
That has to hurt.

He renovated it too?

 

[OJ Simpsom]

Karma's a bytch.

 

[Rembrandt]

He renovated it too?

Yup, he claimed he increased the value on the house, supposedly, when he was trying to sell it for $6 mil profit

This wouldn't be a bad thing if the property dropped in value beneath the loan amount but he even dropped the offering price and couldn't sale.

Tryna fukk somebody over caught up to him.

 

[duckbutta]

It seems impossible that he blew through all that money...

But...with everything that has happened lately...it seems like he blew through all that money...

He being sued by a financial agency by the way...which means they going to be coming after the house AND the money he owe...

It's not like he is just going to turn over the house and that's it...

 

[zayk35]

He still rich y'all he just ain't gonna pay....he don't pay nobody..its well documented over the last 20 yrs

 

[MegaTronBomb!]

The wild thing about this....is that nobody ever talks about Slim.

apparently ( and according to Baby), Slim runs the entire show,has all the money and stays out of sight..... not a single rapper or producer ever jumps out the window and accuses Slim of anything.

 

[Brolic Scholar]

Birdman is as "broke" as 50 was when he filed for bankruptcy. He has his money hidden and is refusing to pay.

 

[Hood Critic]

Drake album release date coming soon...

 

[Brolic Scholar]

The wild thing about this....is that nobody ever talks about Slim.

apparently ( and according to Baby), Slim runs the entire show,has all the money and stays out of sight..... not a single rapper or producer ever jumps out the window and accuses Slim of anything.

Yep. Birdman is the spokesman. Slim is the real boss. Quiet and calling shots behind the scenes.

 

[TLR Is Mental Poison]

WHAT KEYS.

Repo man bout to snatch him right out the roof of that Landaulet

 

[MegaTronBomb!]

Birdman is as "broke" as 50 was when he filed for bankruptcy. He has his money hidden and is refusing to pay.

Cats will never understand that not paying =/= not having the money to pay.... the consequences for the average person for not paying bills, is not the same as someone who's wealthy or considerably rich.

 

[King Karim]

Mods should reset my rep @Brooklynzson . I was stoned and once again prevailed #ColiGawd

*Breaking News* Ronald "Slim" Williams on the verge of losing The Biggest House in South Florida

 

[Standing on business]

Birdman isnt “broke” by regular people standards but he damn sure isn’t living it up. And this isn’t some sort of complex plan; he doesn’t have the money to pay for it. Somebody whose whole image and persona is about being rich isn’t going to have a story about his house (his main house too) being taken away from him go public.

Same with paying Wayne and everyone else. If he had it, he would pay it. That money train dried up a long time ago so he’s trying to keep what he has.

The cheapest, richest people in the world still pay their mortgage/rent. There’s no long term financial strategy in defaulting on a house. There’s a difference between not paying for a service you already had done, and not paying for a house.

Yea this isnt even the mortgage. It's another $12 million loan where he used his house as collateral that he defaulted on. Taking out an additional loan using your home as equity hints at cash flow problems. Defaulting on that loan confirms cash flow problems, especially when it's your primary place of residence. He's not broke by normal people standards but he probably has to tone down that lifestyle a few notches now.