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
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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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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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.
