Several months after Diddy placed his embattled Holmby Hills estate on the market, a real estate developer has expressed interest in the property, offering to purchase the property at a fraction of its listing price.
Bo Belmont, founder of Belwood Investments shared that he offered to purchase the 17,000 square foot estate for $30 million. In the past, Belwood Investments has supported celebrities offloading their homes for a fraction of the cost. Most recently, the company purchased Kanye West’s beachfront Malibu home for $21 million, $36 million less than West’s purchasing price in 2021.
Now the company is ready to purchase Diddy’s estate, which he placed on the market for $61.5 million in September. The home’s offering came just six months after the Department of Homeland Security raided it and a residence in Miami’s exclusive Star Island as part of a sex trafficking investigation.
Diddy purchased the property in 2014 for $39 million. Featuring 10 bedrooms, 13 bathrooms, and a two-bedroom guesthouse, it seems the lavish home would be a great find for a wealthy buyer. However, the listing has not gained a ton of interest from potential buyers. TMZ reported that real estate sources shared that many buyers were not interested because of its history and its being overpriced.
Belmont, however, wants to shift the focus of the property from its alleged freak-off parties and the Homeland Security raid. Instead, he wants potential buyers to discover the unique beauty of the 1.3 acres of leveled land that includes expansive lawns, formal garden areas, and trees. The two-story home was also remodeled recently and includes a formal living and dining room, gourmet kitchen, family room, wine cellar, and separate catering kitchen. There’s also a 35-seat movie theater in the lower level of the house while the upper level includes two suites along with nine other bedrooms. The guesthouse features a gym, a recording studio, and bedrooms. The backyard includes a swimming pool, spa house, and basketball court.
Selling the property, even at such a steep discount, might benefit Diddy as his financial and legal troubles continue to grow. Combs took two mortgages on other properties–in 2014 and 2021 for $25.35 million each to purchase the estate. At press time, neither has been repaid.
A Look At Diddy’s Legal Battles
The entertainment mogul is currently being held in New York’s Metropolitan Detention Center on federal charges related to sex trafficking, racketeering conspiracy, and transportation related to prostitution. In addition, Diddy has been hit with a series of lawsuits related to sexual assault, misconduct, and trafficking. On Friday, Diddy was headed to federal court in an attempt to appeal being held without bail. Attorneys are arguing that Abercrombie & Fitch’s ex-CEO Michael Jefferies was currently granted bail although he too is facing sex trafficking charges. If his attorneys can convince the judge to grant Diddy dond, this will be his second recent legal victory. A judge recently demanded that federal prosecutors discard notes obtained from Diddy’s cell earlier this month.
