Birdman’s money problems are becoming more and more apparent. After failing to sell his massive 7-bed, 11-bath, 20,000 sq. ft. mansion with access to a private beach in Miami, the hip-hop mogul has now been ordered to hand over the keys of the mansion to court after he defaulted on a $12 million loan from EMG Transfer Agent. According to court documents (obtained by The Blast), Birdman’s Miami home—which he original bought in 2012 for $14.5 million—had been put up as collateral for the loan.
A court-appointed person will now control essentially all aspects of the home, including receiving all contracts, leases, rental agreements, fixtures, furniture, and equipment. The judge on the case has ordered that the home cannot be sold or transferred until the legal case is over, but it can be rented or leased in the meantime (and if there is any justice in the world, Lil Wayne will rent the house out).
Birdman originally listed the home for sale for $20 million last June. But in December, Rick Ross took to Snapchat to explain the real logic behind buying and attempting to sell the home. Ross claimed that Birdman took out a loan in 2015 for $12 million from Easy Money EMG in Baton Rouge Louisiana, and listed the home as collateral. Although the names don’t exactly match up—Ross claims it is Easy Money EMG and court documents point to a company named EMG Transfer Agent—all the other details appear to line up.
“You ain’t have no money in six-seven years, n***a. You should have came and borrowed some from Rozay. Now you want to fuck that old lady life up too. You probably borrowing some money from her,” Ross said. “I might go buy that house on the water. Just to keep my boat at it. I won’t even stay there, that shit is too small.”
For more details: complex.com