Diddy owes the bank nearly $100million after taking out EIGHT mortgages

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EXCLUSIVE Diddy owes the bank nearly $100million after taking out EIGHT mortgages on his three extravagant homes in Los Angeles and Miami that were raided by Homeland Security​

• Diddy, 54, took out eight mortgages to fund the purchases of three luxury mansions in Los Angeles and Miami
• The rap star borrowed nearly $140million from multiple banks to pay for the homes and close to $100million is still owed
• On Monday, those same properties were raided by Homeland Security as part of a human trafficking investigation

By CHRIS WHITE FOR DAILYMAIL.COM

PUBLISHED: 14:43 EDT, 29 March 2024 | UPDATED: 14:48 EDT, 29 March 2024

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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 xesual 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.

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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

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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

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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.
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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 xes 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.

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Diddy owes the bank $100million after taking out massive mortgages

Diddy, 54, took out eight mortgages to fund the purchases of three luxury mansions in Los Angeles and Miami.

www.dailymail.co.uk

 

[Squirrel from Meteor Man]

When I said Diddy was broke 2 years ago I was just a hater who didn’t know what I was talking about

Yall thought a 53 year old man was making music videos going full nude talking about “act bad” because he was doing well?

In before:

-“Pocket watching”
-“he knows what he’s doing”
-“this is what all rich people do”

 

[Saysumthinfunnymike]

This is some serious pocket watching. All rich people do this. Keep up. He knows exactly what he's doing, y'all are just haters.

 

[Sunalmighty]

nikka is the epitome of living beyond his means

 

[re'up]

I never doubted he had a lot of money, but always questioned where hundreds of millions would have came from. Same with most of those mentioned in that group.

A lot of those guys live like that, but with all this coming down on him, there will probably be some unraveling. The jet thing alone. Does Jay even have a jet like that?

there's always a lot of smoke and mirror in these things and when you earn a lot or have a lot, they will lend you a lot more. it's the way it goes. but, also people over extend and then lose major income, and can't keep paying down the loans.

Like how did Revolt make money? Did Revolt make any money?
how much did he make from Ciroc/parternship?

what other ventures did he have that brought in insane amounts of liquid cash on a monthly basis? or yearly basis.

 

[Rozay Oro]

When I said Diddy was broke 2 years ago I was just a hater who didn’t know what I was talking about

Yall thought a 53 year old man was making music videos going full nude talking about “act bad” because he was doing well?

In before:

-“Pocket watching”
-“he knows what he’s doing”
-“this is what all rich people do”

He can always hit up clive for paper

 

[King Harlem]

Not a huge deal to have that much money in real estate, especially real estate in Los Angeles and Miami. He would've been fine if all these scandals didn't happen, now you have to wonder where his revenue is coming from.

Article is ridiculous though. That's like someone saying I owe the Bank $400,000 because I have a mortgage. You can do this with just about anyone with a mortgage.

 

[King Sun]

I don't think people ever thought diddy was "broke" but cmon hes an former "urban" music exec living off royalities and etc. He got money but maybe not I got a house and Beverly Hills and star island money.

 

[King Sun]

Not a huge deal to have that much money in real estate, especially real estate in Los Angeles and Miami. He would've been fine if all these scandals didn't happen, now you have to wonder where his revenue is coming from.

Article is ridiculous though. That's like someone saying I owe the Bank $400,000 because I have a mortgage. You can do this with just about anyone with a mortgage.

True but you can run out of liquid cash especially if you fighting an case.

 

[Formerly known as...]

Not a huge deal to have that much money in real estate, especially real estate in Los Angeles and Miami. He would've been fine if all these scandals didn't happen, now you have to wonder where his revenue is coming from.

Article is ridiculous though. That's like someone saying I owe the Bank $400,000 because I have a mortgage. You can do this with just about anyone with a mortgage.

This. It's wise to mortgage your property no matter your wealth, I'm sure if he had to pay up he could but he just mortgage the properties to hold onto cash today for other things. This isn't sensational news really

 

[dora_da_destroyer]

This is some sensationalist “journalism”. Like no shyt he owes money, he has mortgages. Nothing said he’s behind in payments. And it makes no sense to sink liquid capital into paying cash for properties when the interest you’re accruing on growth of that capital is 2x or more the interest on the debt. They need to stop publishing just anything with his name attached

 

[Squirrel from Meteor Man]

Not a huge deal to have that much money in real estate, especially real estate in Los Angeles and Miami. He would've been fine if all these scandals didn't happen, now you have to wonder where his revenue is coming from.

Article is ridiculous though. That's like someone saying I owe the Bank $400,000 because I have a mortgage. You can do this with just about anyone with a mortgage.

It’s a huge deal when you don’t have nearly enough assets or income to pay multiple lenders.

I don't think people ever thought diddy was "broke" but cmon hes a former "urban" music exec living off royalities and etc. He got money but maybe not I got a house and Beverly Hills and star island money.

He’s not poor people broke, or Dame Dash broke, but he’s not doing well whatsoever

 

[valet]

Bad Boy get more money then you can count.

 

[jadillac]

You can live like that when you have alot of assets like a tv company, entertainment label, liquor endorsement etc. The banks know you CAN pay.

 

[BlackAchilles]

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