Sean ‘Diddy' Combs, one of the most influential figures in hip hop, is facing serious financial troubles owing to huge outstanding mortgages on his multi-million dollarproperties in Los Angeles and Miami. Federal authorities are investigating the music icon over mounting debts of nearly $100 million associated with his opulent estates.
The rap legend has amassed a real estate portfolio including lavish mansions in Holmby Hills, Los Angeles and Star Island, Miami valued at over $100 million. However, he has taken staggering loans amounting to $139.85 million to fund these purchases, of which a whopping $97.5 million remains unpaid.
His prized LA property, an 8-bedroom Mediterranean villa acquired in 2014 for $39 million, has dual mortgages of $25 million each remaining to be paid. In Miami, the hip hop mogul owns two adjacent mansions – a 12-bath oceanfront mansion bought in 2003 for $14.5 million and another 10-bedroom estate purchased last year for $35 million. He has taken at least 8 loans collectively adding up to the current outstanding debt of $97.5 million against these opulent homes.
While Diddy flaunts an estimated net worth of $1 billion, this unsustainable level of borrowing has raised questions on his true financial standing. Further, the properties are now under federal investigation over troubling allegations including sex trafficking. The feds have interviewed alleged victims as part of an ongoing racketeering case against the music icon.
Only time will tell if Diddy will be able to cope with such massive mortgage obligations or face tougher times ahead owing to his questionable dealings. For now, the hip hop legend faces a daunting challenge to remedy this towering mountain of debt and clear his name from the serious accusations.
