Los Angeles, California – Sean “Diddy” Combs finds himself in a precarious financial situation, owing nearly $100 million in mortgage payments on his luxurious properties in Los Angeles and Miami. Federal agents recently raided these homes, as part of an investigation into various allegations, including sex trafficking, involving the 54-year-old music mogul.
Combs acquired his Los Angeles mansion in the upscale Holmby Hills neighborhood for $39 million in 2014. The estate boasts eight bedrooms, 11 bathrooms, and even an underwater swimming tunnel. To fund this extravagant purchase, he took out two hefty mortgages from Bank of America, totaling $50.7 million, neither of which has been fully repaid.
In addition to his Los Angeles residence, Combs also owns two neighboring mansions on Miami Beach’s exclusive Star Island. One of these properties, a nine-bedroom waterfront home purchased for $14.5 million in 2003, has accumulated five mortgages totaling $68.45 million. While he has paid off a portion of this debt, a significant amount remains outstanding.
Across his homes in Los Angeles and Miami, Combs has taken out a total of eight mortgages amounting to a staggering $139.85 million. With roughly $97.5 million still owed, the rapper faces significant financial pressure as investigations into the allegations against him continue.
Despite the ongoing inquiries, Combs has not faced any criminal charges, and authorities are actively looking into allegations of sex trafficking. Multiple individuals have come forward with their accounts, leading to interviews with prosecutors and the exploration of a potential RICO case.
As the investigation unfolds, Combs must navigate the complexity of his financial obligations while addressing the serious allegations against him. The outcome of these developments could have a profound impact on his reputation and financial standing in the music industry.