by Barry Burch Jr.
When it comes to having nice clothes, fresh hair dues and swagger unparalleled, you could say that the family of Sean “Diddy” Combs takes the cake. However, looks can be deceiving. According to TMZ, one of P. Diddy’s child’s mothers recently received some bad news about her house – the worst of the worst in fact – it’s being foreclosed.
Diddy is known for the famous line “take that, take that,” but in order to keep his family in their home, he will have to actually give “that” to the bank. The owner of Revolt TV’s first born is in suffering, as the rich life he is accustomed to has obviously come to an abrupt halt.
Legal documents associated with the foreclosure show that Diddy bought the said house in Westchester, NY, back in 2003. The home has three bedrooms and is 3,215 sq. ft. He made the purchase for ex Misa Hylton-Brim, who is also the mother of his first born, Justin, as reported by the media site. What is peculiar is that despite Diddy being synonymous with success in the music industry or his appearances on the Forbes list, the last time the bank allegedly received a payment from the producer was in 2010.
A mortgage of $712,000 was originally taken out by Diddy. In 2010, $622,518 was owed, according to the legal documents. Since no payments have been made, interest has been accruing on this sum.
Combs, whose net worth was recently estimated by Forbes to be more than $580 million, making him the richest figure in hip hop, will probably not have a problem doing what is necessary for his family to hold on to their home. According to the bank, that will include paying all of the money that is owed. If Diddy or Hilton-Brim do in fact fail to come up with the cash, the house will go up for auction.
Barry is an award-winning writer and political scientist. His business, “Barry Writes,” provides biographies, speeches, press releases and so forth to individuals and businesses in need of potent and compelling literature. Reach him @ Barryburchjr@gmail.com and Twitter.com/barryburchjr
Financial Lovemaking lessons from this story:
1) A proximity to power is not the same as actually wielding power itself – This quote was made famous on the Netflix show, “House of Cards.” In this case, it might show that having a child with someone as wealthy as Diddy doesn’t mean that you’re going to be doing well yourself. Diddy’s wealth may be fully in-tact, but his child’s mother may not have her finances in order.
2) It might be Diddy’s responsibility to pay his child support, but not his responsibility to pay someone else’s mortgage. Also, his son Justin is now in college, which likely means that his resources are going to be sent directly to his son as opposed to through the mother. At least it’s pretty clear that if she did happen to rely on child support as a primary source of income (which you should NOT) this income stream is going to dry up very soon.
3) Most things are not what they seem: Most of the wealthy people you see on television are deeply committed to the “fake it till you make it” mentality. They love pretending that they have more money than they actually have, in hopes that you’re going to give them your money, thus creating a self-fulfilling prophecy. Diddy is probably not one of those people, since it appears that much of his money is real. But his financial situation may be more complex and volatile than you might think.