Hip-hop mogul Birdman has been hit a large foreclosure lawsuit surrounding his Miami mansion and an office space that contains the Hit Factory Criteria Recording Studios.
According to The South Florida Business Journal, the hip-hop mogul defaulted on a loan for these properties in February 2017 and owes $12 million plus interest to the EMG Transfer Agent company.
Birdman took out a loan for the home in 2015 with the Chemtov Mortgage Group Corp, which has transferred hands several times before being handed off to EMG in October — an affiliate of investment firm Ellington Management Group.
Birdman also acquired office space for Hit Factory Criteria Recording Studios in 2012 for $1.7 million.
These lawsuits come a week after Rick Ross poked fun at Birdman’s financial problems on Snapchat. “You ain’t have no money in six-seven years, n*gga. You should have came and borrowed some from Rozay. Now you want to f*ck that old lady life up too. You probably borrowing some money from her. 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,” Ross said.
At press time, EMG nor Cash Money Records have not commented on the lawsuits.