Although Diddy is said to have a $1 billion net worth, recent revelations about his bank loans have sparked concerns.
According to a story published in the Daily Mail on Friday, the music entrepreneur obtained bank loans totalling $140 million to purchase the opulent homes in Miami and Los Angeles that the Home Security agency seized earlier this week as part of an alleged sex trafficking operation.
They went on to say that it might be the biggest house loan a Hollywood star has ever taken out.
Except for a $23 million loan that must be paid back by 2029, Diddy reportedly still owes $100 million, all of which must be paid back within the next five years.
The information was released in response to TMZ’s Monday story, which claimed that federal officials searched the rapper’s house while hovering helicopters over it.
“Earlier today, Homeland Security Investigations (HSI) New York executed law enforcement actions as part of an ongoing investigation, with assistance from HSI Los Angeles, HSI Miami, and our local law enforcement partners. We will provide further information as it becomes available,” a Homeland Security Investigations representative told People magazine in a statement.
Furthermore, a video that FOX11 was able to obtain featured Diddy’s sons, Christian “King” Combs, 25, and Justin Combs, 30, standing outside their house while handcuffed.Â
