Birdman‘s financial issues have come to the forefront once again, this after reports that he defaulted on a $12 million loan he obtained in 2015. Because of this, the Cash Money mogul might lose his lavish Miami mansion in the process.
The Blast reported that Birdman received a loan from EMG Transfer Agent according to documents obtained by the outlet. The mansion, purchased in 2012 for $14.5 million, was previously owned by producer Scott Storch and put up as collateral.
The Blast writes:
According to court documents obtained by The Blast, Birdman borrowed the $12 mil in 2015 from a company called EMG Transfer Agent. The rapper put up his Miami mansion — the one he bought in 2012 for $14.5 million — as collateral for the loan.
But Birdman defaulted on the loan and EMG wants the house foreclosed on so they can get their money. They are looking for their $12 mil plus interest and late charges.
The 9-bedroom, 17-bath mansion — which was once owned by producer Scott Storch — has 225-foot ceilings and features a below ground pool, outdoor pool with cabana, a movie theater, gym, spa, an in-house massage room, 100 feet of waterfront and a private dock.
The outlet adds that Birdman put the home on the market for $20 million but dropped it down to $16.9 million in November.
Looks like Lil Wayne might have to wait longer to get his bread, no?
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Photo: Getty
