American rapper Sean "Diddy" Combs owes nearly $100 million in mortgage payments on several properties recently raided by federal agents in connection to sexual misconduct lawsuits against him, according to a report.
Federal authorities last week searched Diddy's Los Angeles and Miami mansions concerning multiple civil lawsuits filed against the rapper in recent months. The lawsuits accused Diddy of raping or sexually assaulting several victims over the past decades-accusations that he has since denied. According to the Associated Press, however, the raids were part of an ongoing sex trafficking investigation out of New York.
Following reports of the raid, the Daily Mail alleged that Diddy owed nearly $100 million in mortgage payments on his mansions after he previously took out eight bank loans to pay for the properties.
Diddy's Mortgage Loans
In August 2014, Diddy bought his LA mansion for $39 million. The property features eight bedrooms, 11 bathrooms, and an underwater swimming tunnel. To afford the property, the Daily Mail said the rapper took out two mortgages from the Bank of America in 2014 and May 2021. Each mortgage was worth $25.35 million.
Mortgages for the LA property are due to be paid off in full in August 2029 and May 2036, respectively.
In addition, Diddy also purchased two neighboring mansions on Star Island in Miami. For one of the properties, he took out five mortgages amounting to $68.45 million. He has so far only paid off $42.35 million.
For the second Miami property, Diddy reportedly took out a loan of $20.7 million with Bank of America. The mortgage for that property is due to be repaid by August 2036.
In total, Diddy took out eight mortgages amounting to $139.85 million. About $97.5 million remains outstanding.
As of Sunday, Diddy has not been charged with any crimes related to the ongoing investigations. However, more legal action may come for the rapper, according to USA Today, citing Judie Saunders, a partner with ASK LLP and an attorney who specializes in sex abuse and human trafficking cases.
"When a search warrant is executed by a federal agency, that's an immediate indication to the individual or individuals that there is probable cause to believe that a federal crime has been committed," Saunders said.
It is unclear when, if ever, Diddy will receive charges from federal authorities.
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