Disgraced rapper Sean “Diddy” Combs continues to sit behind bars awaiting his May trial date, after allegedly suffering a meltdown over having to spend the holidays in jail. Three attempts to post bail have been denied, and it seems he’s having similar bad luck in off-loading his Beverly Hills mansion, which has been on the market since shortly before his arrest in September. P. Diddy listed the house for more money than he originally paid for it 10 years ago, but according to recent property value estimates, he’s likely going to sell at a huge loss.
The 17,000-square-foot estate — one of the two homes that were raided by federal agents in March and which has been connected to the “freak off” parties at the center of the allegations against P. Diddy — is currently listed for $61,500,000 on Realtor.com. While that’s $21 million more than he bought it for, according to estimates, the property may now be worth more than $72 million.
Newsweek reports that the property value of 200 S. Mapleton Drive in Los Angeles is $72,176,712 — nearly $11 million more than Sean Combs is seeking. Why the big discrepancy? It’s always possible that the estimates are simply off, as can happen outside of an official appraisal, or that Diddy was hoping that a lower price point might lead to a quick sale.
The latter scenario obviously didn’t happen, as it’s been four months with seemingly no viable offers. Some believe the criminal allegations against P. Diddy have affected buyers’ interest in the property. The home was reportedly used for the days-long sex parties in which many people have reported abuse after allegedly being plied with drugs and alcohol to engage in sexual activity on camera.
Redfin estimates the music mogul will have to take the price down even more, possibly to somewhere around $51 million, when taking into account the home’s notoriety. More than 1,000 bottles of lubricant were confiscated from the home in the raids, and while that’s likely going to be on the minds of potential buyers, it may not be the only reason the mansion hasn’t sold. Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek:
We've seen properties [in] some major communities of traditionally wealthier clientele...see sizable price decreases over the last year. In our current economic climate, buyers just aren't enticed to either throw that much cash at one property or take on the highest interest rates in a decade. Make no mistake, the alleged issues on its owner won't help, but the problems of a sale go deeper.
Either way it looks like P. Diddy could be leaving more than $10 million on the table if and when he is able to sell the property. The famed record producer could be facing life in prison if convicted of sex trafficking, racketeering and other charges at his trial, which is set to start May 5.
As he waits to see what happens on the real estate front, Sean Combs likely spent the holidays playing some basketball, according to a guard who said the rapper likes doing that, and he might have even joined some of his fellow inmates in reminiscing about more luxurious past holidays as they dined on the cornish hen and mac and cheese that were on the menu that day.
We’ll be keeping an eye on Diddy’s property to see if any moves are made soon.
