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Diddy May Not be As Rich As It's Made Out To Be

By HHL JT
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Diddy and certain publications have labeled the disgraced mogul a billionaire.

However, the truth may be something well short of that.

The Daily Mail reports that Diddy owes the banks about $100 million after taking out eight mortgages.

"Diddy has borrowed an eyewatering $140 million from multiple banks to pay for his extravagant property empire, raising questions about whether he really does have a $1 billion fortune.

It could be the biggest home loan amount ever taken out by a Hollywood star, as the-54-year-old has needed several mortgages to fund the purchase of three luxury mansions in Los Angeles and Miami.

While somebody worth a billion could easily sustain $100 million in loans, there are red flags in his borrowing activity suggesting he wasn't just enjoying a low-interest rate.

He once took a two-month balloon loan for $1.5 million from the previous owners of one of the homes he purchased, which someone with an extremely high net worth typically wouldn't do.

He was also asked to personally act as guarantor for one of a $22 million loan, which suggests the bank found it extremely risky.

While the report doesn't suggest that Puff is broke, it does suggest some of those numbers Forbes puts next to your favorite rapper (or celebrity) aren't very accurate.

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Posted In: News Puff Daddy

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