Los Angeles, CA – Sean “Diddy” Combs is facing financial trouble as reports reveal that he owes close to $100 million in mortgage payments for his lavish estates in Los Angeles and Miami. This news comes in the midst of federal agents raiding his properties as part of an investigation into allegations, including sex trafficking. The embattled rapper reportedly obtained a total of $140 million in bank loans to finance these extravagant residences.
The Department of Homeland Security conducted searches at Combs’ homes in both cities earlier this week. The 54-year-old music mogul, with an estimated net worth of around $1 billion by Forbes, is at the center of a probe involving various accusations, including sex trafficking. His sprawling Los Angeles property in the upscale Holmby Hills area was acquired for $39 million in August 2014, featuring eight bedrooms, 11 bathrooms, and even an underwater swimming tunnel.
To fund his real estate ventures, Combs secured multiple mortgages from Bank of America, adding up to millions of dollars. In addition to his Los Angeles mansion, he also acquired two adjacent mansions on Miami Beach’s exclusive Star Island. The Miami properties, purchased for tens of millions, have been financed through a series of mortgages, totaling nearly $70 million.
Despite paying off a significant portion of his debts, Combs still owes a substantial amount on these properties. With eight mortgages amounting to almost $140 million, around $97.5 million remains outstanding. An anonymous officer with the Department of Homeland Security revealed ongoing investigations into the allegations involving sex trafficking, with multiple individuals interviewed by New York prosecutors in connection to the case.
As the situation unfolds, Combs has not faced any criminal charges, emphasizing the seriousness surrounding the investigations and the complexities of the case. The rapper’s financial struggles and the legal scrutiny surrounding his properties are shedding light on a controversial and high-profile situation impacting the music industry.