As entertainment mogul Sean “Diddy” Combs faces mounting allegations and civil lawsuits related to sexual assault and sex trafficking, his financial status is also coming under the radar.
According to Daily Mail, Combs has eight loans totaling nearly $100 million on three residences spread throughout California and Florida. Combs has been at the center of controversy for several months beginning with a very public lawsuit settlement with ex-girlfriend Cassie Ventura in November 2023. Several sexual assault lawsuits against the famed producer have followed.
On March 25, the Department of Homeland Security searched Combs’ homes in Los Angeles and Miami as part of their ongoing investigation for allegations such as sex trafficking. Combs was not arrested as part of the search. His sons, Justin and Christian, were detained outside of the Los Angeles home while the search was underway.
Since Combs has been embroiled in these civil lawsuits, he has faced severe consequences. In November, his partnership with Capital Prep Charter School ended just days after he settled his lawsuit with Ventura. Next, Combs stepped down as chairman of Revolt TV, a multimedia company he founded in 2013. He also sold his last remaining shares in the company following the raid on his homes.
Combs Has Loans to Cover the Cost of Homes
Combs has been taking out loans to finance his residences since 2014, according to the Daily Mail, totaling $140 million. Combs presently owes an estimated $100 million on the loans, with several loans set to be repaid in 2036.
Combs owns two mansions in Star Island, an exclusive area on Miami Beach. He purchased the first mansion, a nine-bedroom, 12-bathroom waterfront property from music executive Tommy Mattola in 2003 for $14.5 million. According to the New York Post, the mogul has five mortgages on the property to the tune of $68.45 million. To date, he has repaid $42.35 million.
The second Star Island abode was purchased for $35 million in 2021. Puff Daddy took out a $20.7 million mortgage with Bank of America to own the 10-bed, six-bathroom abode. The home is expected to be paid for by August 2036.
In August 2014, Diddy purchased a home in Los Angeles in the Holmby Hills community. The residence included eight bedrooms, 11 bathrooms and an underwater swimming tunnel, costing the mogul $39 million. Combs was able to finance the purchase by taking out two mortgages — one in 2014 and another in 2021 — with Bank of America for $25.35 million each.
