Sean Combs owes practically $100 million to a number of banks for mortgage loans on his properties within the Los Angeles space.
The embattled rap mogul took out eight residence loans to fund the purchases of the luxurious mansions.
Nervous bankers are contemplating calling within the loans, since Combs might not be capable to pay them again if he’s sitting in a federal jail.
Combs, 54, owes practically $100 million to a number of banks. One balloon fee of $23 million must be repaid by 2029, DailyMail.com reported.
Combs bought the Holmby Hills home for $39 million in August 2014. The home has eight bedrooms, 11 loos and an underwater tunnel.
Financial institution of America carries two mortgages price over $40 million, taken out in 2014 and July 2021. Neither mortgage has been paid off, DailyMail.com stories.
Combs, 54, additionally owns side-by-side properties on Star Island in Miami, each of which had been additionally raided on March 25.
Two loans had been taken out of the nine-bed, 12-bath home in November 2003 for $14.5 million from Sony Music head Tommy Mottola. One of many loans for $1.5 million needed to be repaid inside two months.
Every day Mail obtained financial institution paperwork that reveals a second mortgage for $7.25 million is because of be paid in full to CitiMortgage no later than December 1, 2033.
Combs additionally borrowed $22 million from HSBC Financial institution USA in February 2005 on the Miami property. He personally acted as guarantor on the mortgage, in response to The Mail.
In response to The Mail, Combs took out a complete of eight mortgages on his Los Angeles residence for $139.85 million, of which, $97.5 million continues to be owed.
Federal brokers served no-knock warrants on his properties in Miami and Holmby Hills on March 25. It isn’t clear if one other residence in Los Angeles was additionally raided.
Brokers ransacked his properties, hauling away packing containers and laptops and different electronics.
Combs reportedly watched the raid remotely on his telephone because it went down in Miami. However brokers rapidly disabled his safety cameras and hauled away the onerous drives containing surveillance footage.