Connect with us

Hi, what are you looking for?

Entertainment

Sean Combs Owes $140M in loans for 8 mortgages on 3 homes


MEGA/WENN

Sean Combs owes nearly $100 million to multiple banks for mortgage loans on his homes in the Los Angeles area.

The embattled rap mogul took out eight home loans to fund the purchases of the luxury mansions.

Image Press Agency/MEGA

Nervous bankers are considering calling in the loans, since Combs may not be able to pay them back if he’s sitting in a federal prison.

Combs, 54, owes nearly $100 million to several banks. One balloon payment of $23 million needs to be repaid by 2029, DailyMail.com reported.

BACKGRID

Combs purchased the Holmby Hills house for $39 million in August 2014. The house has eight bedrooms, 11 bathrooms and an underwater tunnel.

Bank of America carries two mortgages worth over $40 million, taken out in 2014 and July 2021. Neither loan has been paid off, DailyMail.com reports.

Combs, 54, also owns side-by-side properties on Star Island in Miami, both of which were also raided on March 25.

Two loans were taken out of the nine-bed, 12-bath house in November 2003 for $14.5 million from Sony Music head Tommy Mottola. One of the loans for $1.5 million had to be repaid within two months.

Daily Mail obtained bank documents that shows a second loan for $7.25 million is due to be paid in full to CitiMortgage no later than December 1, 2033.

MEGA/WENN

Combs also borrowed $22 million from HSBC Bank USA in February 2005 on the Miami property. He personally acted as guarantor on the loan, according to The Mail.

According to The Mail, Combs took out a total of eight mortgages on his Los Angeles home for $139.85 million, of which, $97.5 million is still owed.

Advertisement. Scroll to continue reading.
MEGA/WENN

Federal agents served no-knock warrants on his homes in Miami and Holmby Hills on March 25. It isn’t clear if another home in Los Angeles was also raided.

Agents ransacked his homes, hauling away boxes and laptops and other electronics.

Combs reportedly watched the raid remotely on his phone as it went down in Miami. But agents quickly disabled his security cameras and hauled away the hard drives containing surveillance footage.

Loading

Comments
Advertisement

Facebook

You May Also Like

Entertainment

MEGA/WENN Serena Williams is apparently still in the grip of postpartum depression months after giving birth to her 2nd child. “I miss me,” she...

Entertainment

Screengrab A woman with a full beard says she’s turned off by feminine men sliding into her DMs on social media. Harnaam Kaur is...

Entertainment

screengrab/ABC News Former Bad Boy Records rapper G. Dep walked out of prison a free man on Thursday. According to All Hip Hop, the...

Entertainment

Illustration, Getty Images Elon Musk sparked outrage from celebrities who woke up to find their blue badges turned back on. Some celebrities fled Twitter...

Entertainment

Illustration, WENN.com In a recent VladTV podcast, Reggie Wright Jr. and James “Mob James” McDonald discussed the recent raids on two homes linked to...

Entertainment

California DOJ Nicki Minaj’s husband Kenneth Petty posed for a new photo on the California S*x Offender’s Registry as his house arrest comes to...

Entertainment

Instagram, Getty Images It seems former Special Prosecutor Nathan Wade might have a cash flow problem. Wade’s estranged wife Joycelyn Wade is accusing him...

Entertainment

Instagram Sexyy Red debuted her new look in photos on Instagram after social media trolls called her “ugly” and “hideous.” In the photos, the...

Entertainment

Screengrab A manager for Randy Moss’s Crisppi’s chicken restaurant says sales are poor because the restaurant is Black-owned. The NFL Hall of Famer opened...

Advertisement

Copyright © 2022 I AM SISSY BROWN

Back