Birdman might be regretting putting his Miami mansion down as collateral on a $12 million loan — because he’s now defaulted on that loan and could lose the house.
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.
Birdman recently put the home on the market for $20 million, but slashed the price down to $16.9 million last month. The mansion is still for sale with no bites as of yet.
For more details: theblast.com