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In a shocking revelation, recent reports have uncovered that renowned U.S. rapper and billionaire businessman Sean “Diddy” Combs is facing a staggering debt of nearly $100 million on his luxurious properties in Los Angeles and Miami.
The disclosure follows federal raids conducted earlier this week on Diddy’s estates, The raids, conducted by Homeland Security, are said to be linked to an ongoing federal sex trafficking investigation.
Reports indicate that Diddy, renowned for his contributions to the world of hip-hop and the business scene, had borrowed a staggering $140 million from multiple banks to finance his opulent property empire. However, despite his immense wealth and fame, he still finds himself burdened with a substantial debt, with $100 million remaining unpaid.
Diddy’s $140-million mortgage burden on Holmby Hills and Star Island properties
The properties in question include a lavish estate in the celebrity enclave of Holmby Hills, Los Angeles, which Diddy acquired for $39 million in August 2014. Additionally, he owns two adjacent mansions on Miami Beach’s exclusive Star Island. Records show that Diddy took out numerous mortgages totaling $68.45 million for one of the Miami properties, with five mortgages on record.
Diddy’s property acquisitions include a $39-million mansion in Holmby Hills, Los Angeles, purchased in 2014, and two neighboring mansions on Miami Beach’s exclusive Star Island. His Miami properties, acquired in 2003 from music mogul Tommy Mattola, are encumbered with multiple mortgages, with outstanding debts totaling $97.5 million across his Los Angeles and Miami estates.
With loans approaching $140 million, concerns are surfacing regarding the liquidity of Diddy’s business ventures and the sustainability of his wealth, estimated at $1 billion – solidifying his position as one of the world’s wealthiest Black individuals. Particularly worrisome is a reported $23 million mortgage due in 2029, raising questions about his ability to meet future financial obligations.
Diddy finalizes divestment from Revolt TV amid investigations and allegations
In a separate development, Diddy recently finalized the sale of his remaining shares in Revolt TV, a digital cable television network focused on music, amid the backdrop of federal investigations and allegations of sexual abuse. Having stepped down as chairman in 2023 following multiple allegations, Diddy has now divested his ownership stake in the media company.
Although the financial details of the transaction remain undisclosed, reports suggest that the anonymous buyer intends to maintain their anonymity for several weeks before assuming formal leadership of Revolt TV. Meanwhile, the current CEO and chief brand officer are set to retain their roles within the company.
