Birdman Reportedly Defaults on $12 Million Loan, Risks Losing Mansion
It looks like Birdman is in need of some cash money. The rap mogul use his lavish Miami home as collateral for a $12 million loan but he defaulted on the loan and is on the verge of losing the mansion.
According to The Blast, the rap mogul borrowed $12 million in 2015 from a company called EMG Transfer Agent. But according to the loan company, they haven’t seen a payment, and now they want their money. EMG Transfer Agent is seeking $12 million plus interest and late charges.
Birdman’s Miami mansion—which he purchased in 2012 for $14.5 million— boasts nine bedrooms and 17 bathrooms. The property also features a movie theater, gym, spa and in-house massage room. There is also an outdoor pool with a cabana and a ground-level pool as well. And if you love being by the water, there’s a 100 feet waterfront and a private dock for a large boat.
Birdman is actually trying to sell the home for $20 million. He recently reduced the selling price to $16.9 million in November. There’s still no buyers for it yet. Reps for the Cash Money CEO had no comment on the matter.