Birdman Defaults on $12 Million Loan, Could Lose Miami 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.
So it appears Lil Wayne is not the only person looking to get paid from Birdman. Good luck.