Sean “Diddy” Combs is in a financial crunch, Media Take Out has learned.
The former billionaire lost his $100M a year promotional gig with Ciroc vodka this year, and had to pay an estimated $50M to Cassie Ventura to settle a lawsuit.
But Diddt still owes nearly $100 million in mortgage payments on a trio of mansions in Los Angeles and Miami that were raided by federal agents this week.
The embattled rapper took out eight bank loans, totaling a whopping $140 million, to pay for the 2 Miami mansions and one Beverly Hills one.
The Department of Homeland Security searched the homes on Monday as authorities investigate a range of allegations, including sex trafficking, against the 54-year-old music mogul, who Forbes estimate was roughly $1 billion.
Combs bought his LA home, located in the elite Holmby Hills neighborhood, for $39 million in August 2014.
The estate includes eight bedrooms, 11 bathrooms and an underwater swimming tunnel. He took out two mortgages from the Bank of America — each for $25.35 million — in 2014 and May 2021, to pay for that mansion.
For one of the Miami properties, a nine-bedroom and 12 bath waterfront home he bought from Sony Music head Tommy Mattola for $14.5 million in 2003, he’s taken out five mortgages totaling $68.45 million. He still owes $26M on that mansion.
His third home, another Miami mansion is the only one that’s not underwater. The 10-bed, six bath mansion next door was purchased in July 2021 from Gloria and Emilio Estefan for $35 million. For that property, he only took out a single home loan for $20.7.
