US News
Sean “Diddy” Combs 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, according to a report.
The embattled rapper took out eight bank loans, totaling a whopping $140 million, to pay for the sprawling properties, the Daily Mail reported.
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 estimates to be worth roughly $1 billion.
Combs bought his LA home, located in the elite Holmby Hills neighborhood, for $39 million in August 2014, according to the Daily Mail.
The estate includes eight bedrooms, 11 bathrooms and an underwater swimming tunnel.
To fund the elaborate property, he took out two mortgages from the Bank of America — each for $25.35 million — in 2014 and May 2021, the outlet reported. Neither appears to have been paid off. The former mortgage is due to be paid off in full in August 2029 and the latter in May 2036.
In addition to the LA pad, he also purchased two neighboring mansions on Miami Beach’s exclusive Star Island.
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.
So far, he paid off $42.35 million, the Daily Mail reported.
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 million with Bank of America due to be repaid by August 2036.
That means across Combs’s Los Angeles and Miami homes he’s taken out eight mortgages worth a whopping $139.85 million.
Roughly $97.5 million remains outstanding.
The music mogul likely has other properties throughout the country.
Diddy has not been charged with any crimes amid the ongoing investigations.
An officer with the Department of Homeland Security told The Post the case has been active for several weeks, and authorities “believe that there is a disturbing history of sex trafficking,” said the Miami-based officer, who spoke under condition of anonymity.
At least four Jane Does and one John Doe have been interviewed by New York prosecutors in connection to sex-trafficking allegations and a RICO case.
Carol Dennis is an entertainment aficionado with an eye for all things pop culture. She dives into the glitz and glamour of the entertainment industry, from movie premieres to music festivals. Carol’s passion for storytelling extends beyond her reporting, as she’s an aspiring screenwriter in her free time.
