R
eal estate mogul Bo Belmont has made a $30 million bid for Sean 'Diddy' Combs' California mansion, where infamous "freak offs" were allegedly held. This is half the current asking price for the 10-bedroom, 13-bathroom Los Angeles property, which was purchased by Combs in 2014 for $39 million. Belmont's company, Belwood Investments, previously bought Kanye West's Malibu property from him at a significantly lower price.
Belmont plans to renovate the mansion and focus on its "charming elegance" rather than its notorious past. He aims to restore the beautiful outdoor setting, complete with picturesque trees, foliage, and walkways. Belmont hopes to transform the property into a luxury asset for his portfolio, despite the lingering stigma surrounding Combs' alleged sex trafficking and racketeering activities.
The mansion was raided by the FBI in March as part of an investigation into allegations against Combs. Prosecutors claim that the rapper used his power and influence to coerce women into participating in orgies, which were often recorded on video. Combs is currently incarcerated awaiting trial, scheduled for May 5.
Belmont's bid may be the only hope for selling the property, as many potential buyers are reportedly deterred by its association with Combs' alleged crimes. The sluggish market ahead of the holiday season also makes a quick sale unlikely.
realestate
Sean Combs' lavish LA estate sparks interest from high-end buyer
Bo Belmont offers $30M for LA mansion, a cut from its current asking price.
Read More - realestate
realestate
Brown & Riding Names New Real Estate Practice Head
Veteran leader with industry expertise and regional insight
Read More - realestate
realestate
LA's affluent neighborhoods face gentrification threat from investors
Fires may exacerbate LA's affordability crisis, pricing out low-income residents and making the area exclusive to the wealthy.
Read More
realestate
Charming Paws Expands to Grafton, Wisconsin Location
Charming Paws Expands to New Location in Grafton, Wisconsin