Sean “Diddy” Combs is facing financial trouble as he reportedly owes nearly $100 million in mortgage payments on three mansions in Los Angeles and Miami that were recently raided by federal agents. The rapper took out a total of eight bank loans amounting to $140 million to purchase the properties. Despite his estimated worth of $1 billion, Combs purchased his LA home for $39 million in 2014, which includes eight bedrooms, 11 bathrooms, and an underwater swimming tunnel. To fund this property, he took out two mortgages from the Bank of America, both of which have not been fully paid off.
In addition to the LA mansion, Combs also owns two neighboring mansions on Miami Beach’s Star Island. He purchased one of the Miami properties for $14.5 million in 2003 from Sony Music head Tommy Mattola and took out five mortgages totaling $68.45 million. Although he paid off $42.35 million so far, a significant amount remains outstanding. The second Miami mansion, purchased in 2021 for $35 million from Gloria and Emilio Estefan, has a single home loan for $20.7 million from Bank of America due to be repaid by August 2036. Across all his properties, Combs has taken out eight mortgages totaling $139.85 million, with nearly $97.5 million still outstanding.
Despite the financial challenges and investigations at his properties, Combs has not been charged with any crimes. The Department of Homeland Security searched his homes amid allegations including sex trafficking, but no charges have been filed against the music mogul. Authorities believe there is a disturbing history of sex trafficking in connection to the ongoing investigations. Several Jane Does and one John Doe have been interviewed by New York prosecutors in relation to sex-trafficking allegations and a RICO case. The case has been active for several weeks, and authorities are looking into various allegations against Combs.
The financial and legal troubles faced by Combs highlight the challenges of maintaining multiple luxury properties. The rapper’s wealth, estimated to be around $1 billion, did not prevent him from falling into significant debt through mortgages on his homes. The ongoing investigations into allegations of sex trafficking have brought attention to the rapper’s properties, with federal agents raiding his mansions in Los Angeles and Miami. Despite the financial difficulties, Combs continues to own the properties and has not been formally charged in connection to the investigations. The case remains active as authorities look into the allegations against the music mogul and potential criminal charges that may arise.
