Birdman’s 2018 is not off to a great start. The Cash Money mogul has reportedly been forced out of his $12 million mansion due to his increasing money troubles.
As reported by BET, Birdman has defaulted on a $12 million loan for his sprawling Miami mansion, and as a result he has been forced to vacate due to repeatedly delinquent payments on the property. He also has to surrender all access to the property’s security systems and passwords immediately.
The repossession of [Birdman’s] home stems from a strenuous lawsuit with EMG Transfer Agent, which accused the producer of failing to pay a $12 million loan. The mansion, which was bought for $14.5 million in 2012, was ultimately put up as collateral for the loan, according to The Blast.
The court reportedly appointed a representative that will seize control of Birdman’s former residence, along with its contracts, leases and rental agreement. The rep will also hold on to the home’s furniture and equipment, including several recliners in the theater room, golden chairs and foyer.
A judge mandated that the property cannot be sold or transferred until the entire legal issue is resolved.
If you’ve been keeping up, then you may recall that Birdman has been involved in a string of money issues in recent years, most notably with former Cash Money Records superstar Lil Wayne due to his claim of unpaid royalties.
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