Sean "Diddy" Combs has finally received an offer on his luxurious Los Angeles mansion that was raided by federal agents earlier this year. The catch: the offer is for half the mansion's asking price.
The offer was made by Bo Belmont, CEO of California-based real estate crowdfunding firm Belwood Investment. He is the same investor who purchased Kanye West's "bomb shelter" house in Malibu.
The Belwood Investments founder offered $30 million for the Diddy's Holmby Hills mansion, according to a recently published press release. For perspective, Diddy purchased the 17,000-square-foot mansion in 2014 for $39 million and is now trying to sell the property for $61.5 million. Belmont is offering only $30 million.
What Led to the Offer?
Since the property hit the market, Diddy has not received any offers prior to Belmont's. Experts said it was due to the stigma surrounding the rapper, who is currently facing sex crime charges for allegedly hosting drug-fueled sex parties.
In fact, federal agents were able to recover supplies used for the sex parties when they raided the mansion. Some of the items seized included narcotics and "more than 1,000 bottles of baby oil and lubricant."
That said, Belmont's offer may not be entirely caused by Diddy's legal battles. Currently, Los Angeles is struggling to sell its luxury real estate properties, especially those priced between $15 million and $60 million. Beverly Hills agent Rochelle Atlas Maize told Business Insider.
Furthermore, Maize said the Diddy's home had features that were already "dated" and noted that the home is likely only worth between $40 million and $50 million.
What Does Belmont Plan To Do with the Property?
In the press release, the investor said he plans to conduct major renovations on Diddy's property to "rejuvenate and improve upon" the home's interiors.
"I want to remove the stigma and focus on the charming elegance of this remarkable property," Belmont said. "This prominent estate will be a great asset to our growing portfolio of luxury properties."
Belwood Investments made headlines earlier this year after purchasing Kanye West's gutted Malibu mansion for only $21 million despite having an asking price of $39 million.
