Wednesday, December 12, 2018
Home Hip Hop News Birdman Ordered to Surrender Keys to $12 Million Estate Over Defaulted Loan

Birdman Ordered to Surrender Keys to $12 Million Estate Over Defaulted Loan

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Timmy Roberts

Contributing Writer

Birdman is being ordered by a judge to vacate his Miami mansion. In court documents obtained by The Blast, the Cash Money honcho is to surrender the immediately all security system access and keys to the 20,000 sq ft estate which features 7-bedrooms and 11-baths. At which point, a court-appointed person will take over control of the property including the furniture found throughout, and all the leases, rental agreements, and contracts.

Birdman bought the mansion for $14.5 million in 2012 but put it up as collateral for a loan. The mogul has since defaulted on the $12 million loan in question and has been in a legal battle with EMG Transfer Agent over the funds. Birdman has not responded to the allegations found in the lawsuit.

As a temporary resolution to this, a judge has allowed for the property to be rented or leased. Anyone who rents the home will have access to all amenities including the spa, cabana, the below ground pool, and the waterfront dock. Birdman was trying to sell the mansion for $16.9 million, but according to the judge, the home cannot be sold or transferred to anyone else until the legal case is wholly solved.

Source: theblast.com

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