American Diddy - the third richest rapper in the world - owes nearly 100 million USD in mortgages for three villas, all apartments were searched.
Rapper Diddy at the Met Gala in 2018. Photo: Reuters
According to the Daily Mail on March 29, Diddy borrowed $140 million from banks to buy many expensive real estates. This raises questions about the truth of the "rap kingpin's" billion-dollar fortune. The news agency said he still owes nearly $100 million and must pay $23 million before 2029. In 2022, the rapper's net worth will reach about $1 billion, according to Forbes .
The rapper spent $39 million to buy the eight-bedroom, 11-bathroom mansion in Los Angeles, which has a swimming tunnel connecting to a cave, in August 2014. The apartment currently carries two mortgages from US banks, each worth $25.3 million, that Diddy took out in 2014 and May 2021.
In addition to his Los Angeles properties, Diddy bought two adjacent homes on Star Island in Miami, home to celebrities such as singer Jennifer Lopez and comedian Rosie O'Donnell. One of the two properties was purchased by Diddy from Sony executive Tommy Mattola for $14.5 million in 2003. The house currently has five mortgages totaling $68.45 million, with the rapper paying $42.35 million in advance.
11-bedroom mansion in Los Angeles. Photo: The Image Direct
He bought the second Miami home from singer Gloria Estefan and her husband in July 2021, worth $35 million, with 10 bedrooms and six bathrooms. The Daily Mail commented that compared to the previous two homes, this property has a simpler mortgage transaction because the rapper only borrowed a single $20.7 million loan, payable in August 2036.
Diddy has a total of eight mortgages on three mansions in Los Angeles and Miami with a total debt of $139.85 million, with $97.5 million still outstanding.
Authorities have yet to make any final determination on the allegations against Diddy. The rapper has not been charged and remains at large while the investigation continues, according to the New York Post.
Diddy's Miami mansion has five mortgages. Photo: MEGA
Diddy, whose real name is Sean Combs, 55, founded Bad Boy Records in 1993, helping to make hip hop a global brand. He was the world's richest rapper in 2013, before being surpassed by Jay Z and Kanye West. He has won three Grammys and two MTV Music Awards. The rapper, who goes by various stage names including Puff Daddy and P Diddy, has signed and produced music with names such as Usher, Lil' Kim, TLC, Mariah Carey and Boyz II Men.
He is not married but has seven children with four girlfriends. Over the decades, the artist has accumulated a large fortune, thanks to his foray into business.
Phuong Thao (according to Daily Mail )
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