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Last month, we reported Bryan “Birdman” Williams, co-founder of Cash Money Records, was looking for a quick sale of his blinged-out Miami mansion, slashing the price from $20 million to $16.9 million. Now we’ve learned what’s behind the rush.
The South Florida Business Journal recently reported Birdman is facing $12 million foreclosure proceedings, on not only his 19,970-square-foot luxury home, but also a 26,040-square-foot Miami office building, which is home to his Hit Factory Criteria Recording Studios.
In 2015, the hip-hop entrepreneur’s holding companies (which includes CM Spirits LLC, Criteria Operations LLC, and Williams himself) took out a $12 million mortgage on both buildings.
Now a complaint has been filed by the current mortgage holder, EMG Transfer Agent, an affiliate of Ellington Management Group, claiming Williams and his companies defaulted on the mortgage in February 2017 and owe $12 million in principal, plus interest.
Williams bought the Miami Beach mansion, built in 2004, for $14.5 million in 2012, the same year he acquired the North Miami office building for $1.7 million.
He immediately set about tricking out his Miami home with “two wine cellars; a movie theater that seats 13; a six-car, climate-controlled garage; 40-foot-tall entry foyer; an entertainer’s bar; a double staircase with custom iron railings … and a 2,000-square-foot master bedroom with two private balconies,” according to co-listing agent Brett Harris of Douglas Elliman Real Estate.
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The swanky baller paradise now has seven bedrooms and 14 bathrooms. Outside, the half-acre property features a pool, sand volleyball court, summer kitchen, and 100 feet of canal frontage, plus a dock that can accommodate a 100-foot yacht.
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The office building in question is the headquarters for the 48-year-old music mogul’s Hit Factory Criteria Recording Studios, where a number of big-name musicians recorded over the decades. More recently, artists including Destiny’s Child, Lil Wayne, and Funkmaster Flex have made hits on the premises.
The post Is Birdman Facing Foreclosure on His Baller Mansion in Miami? appeared first on Real Estate News & Insights | realtor.com®.
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