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Sean Combs owes nearly $100 million to multiple banks for mortgage loans on his homes in the Los Angeles area.
The embattled rap mogul took out eight home loans to fund the purchases of the luxury mansions.
Combs, 54, owes nearly $100 million to several banks. One balloon payment of $23 million needs to be repaid by 2029, DailyMail.com reported.
Combs purchased the Holmby Hills house for $39 million in August 2014. The house has eight bedrooms, 11 bathrooms and an underwater tunnel.
Bank of America carries two mortgages worth over $40 million, taken out in 2014 and July 2021. Neither loan has been paid off, DailyMail.com reports.
Combs, 54, also owns side-by-side properties on Star Island in Miami, both of which were also raided on March 25.
Two loans were taken out of the nine-bed, 12-bath house in November 2003 for $14.5 million from Sony Music head Tommy Mottola. One of the loans for $1.5 million had to be repaid within two months.
Daily Mail obtained bank documents that shows a second loan for $7.25 million is due to be paid in full to CitiMortgage no later than December 1, 2033.
Combs also borrowed $22 million from HSBC Bank USA in February 2005 on the Miami property. He personally acted as guarantor on the loan, according to The Mail.
According to The Mail, Combs took out a total of eight mortgages on his Los Angeles home for $139.85 million, of which, $97.5 million is still owed.
Federal agents served no-knock warrants on his homes in Miami and Holmby Hills on March 25. It isn’t clear if another home in Los Angeles was also raided.
Agents ransacked his homes, hauling away boxes and laptops and other electronics.
Combs reportedly watched the raid remotely on his phone as it went down in Miami. But agents quickly disabled his security cameras and hauled away the hard drives containing surveillance footage.
