Hip-hop mogul Sean “P. Diddy” Combs is in hot water following the Homeland Security raids on his two homes in March 2024. Federal agents arrested Combs in September 2024 on charges of racketeering, sex trafficking, and transportation to engage in prostitution. Before his arrest, the star paid off the mortgage on his Miami home. Here’s what his lawyer said about this being a “terrible business decision.”
Sean ‘P. Diddy’ Combs paid off the mortgage to his Miami mansion before his arrest
Federal agents arrested Sean “P. Diddy” Combs on Monday, Sept. 16, 2024. Combs pleaded not guilty to the charges against him, which include racketeering, sex trafficking, and transportation to engage in prostitution. However, it seems he knew an arrest was coming following the Homeland Security raids on his homes in Miami and Los Angeles.
According to Business Insider, Combs’ lawyer, Marc Agnifilo, proposed a $50 million bond package for Combs. Agnifilo used Combs’ Miami home on Star Island, worth $48.6 million, to back the bond. Court documents show that Combs also offered the equity of his mother’s home. Unfortunately for the hip-hop star, lawyers denied the bail request twice, sending Combs to jail while he preps for the oncoming legal proceedings.
The publication looked at the 14,800-square-foot Star Island home’s market value. The home has a market value of $44.3 million and an assessed value of $30.4 million. Combs had a $18.8 million mortgage on the mansion, which he had paid before his arrest.
His lawyers said he paid this knowing that criminal charges were coming down the pipeline. According to Agnifilo, it was a “terrible business decision” that was only performed “because we knew this day was coming.”
“We paid off the mortgage because that is what it means to build trust,” Agnifilo continued. “And we have done these things to build trust in a real and substantial sense. There is nothing about this as a show. No one makes bad financial decisions just for a show. It was important. And I told him this is an important thing to do.”
He has ‘no other choice’ but to sell his LA mansion, another source alleged
Sean ‘P. Diddy’ Combs 4th of July East Hampton party at The Resort in East Hampton, New York | Johnny Nunez/WireImage
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While Sean “P. Diddy” Combs paid off the mortgage on his Miami home, another source told In Touch Weekly that he planned to sell his Los Angeles home. Combs put the LA mansion up for sale in July 2024. The 17,000-square-foot home with 10 bedrooms, 13 bathrooms, and a multistory guesthouse is going for $40 million.
The source said Combs “doesn’t need the LA place” because he prefers to live in his Miami home. However, another source claimed that Combs needs the money from the sale of his LA mansion to cover his legal fees.
Source:: Showbiz Cheat Sheet
