Diddy Selling L.A. House For $70M After Federal Raid, Leaving for Good | TMZ Live
Diddy is ready to pack up and leave L.A., because we've learned he is trying to sell his Holmby Hills mansion for a hefty, hefty price.
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00:00Big change for Diddy coming up.
00:02Maybe.
00:03Well, he's hoping that there is a big change.
00:06There's going to be a big change,
00:07just how much money he's going to make from it.
00:09Because he is getting out of LA months
00:12after the federal officials busted down his door
00:17and went in and raided his home in the Holmby Hills area
00:21here in LA.
00:22He is selling that mansion.
00:23And you hear people say this a lot,
00:25like after there are raids at their house,
00:27that it just feels like they've been violated,
00:31so they can't go back in the house.
00:33Maybe that's part of it.
00:34But the other part of it is, we're
00:35talking about a lot of money.
00:37Well, he's spent a lot.
00:38The question is, is it real or a pipe dream?
00:40So this is in a very exclusive part of Los Angeles
00:43called Holmby Hills.
00:44He bought this for $40 million back in 2014.
00:49And our sources are telling us, now he's not listing it.
00:53This is not going to be an open market listing.
00:55This is my favorite part of this.
00:57This is a pocket listing.
00:58It's a pocket listing.
00:59For?
01:00Well, but the pocket listing doesn't.
01:01I know, I know.
01:02Actually, pocket listings tend to be
01:04more expensive a lot of times.
01:06He wants, we're told, around $70 million.
01:09Everything I'm hearing is, he ain't going to get that.
01:12He is not going to get that.
01:13This seems like an aggressive ask
01:15in a hot real estate market.
01:16We're not in the hottest real estate market.
01:17Interest rates are higher.
01:18Plus, this place has, I'm sure, equipment ripped out of walls.
01:21It's probably not in the best shape it's ever been in.
01:23Diddy is what we think of as a distressed seller.
01:26He wants to get out of LA.
01:27He likes spending the time in Miami,
01:29although he was whitewater rafting in Wyoming recently.
01:31So I'm not sure you get top dollar
01:33when you have these conditions.
01:34So maybe you set, you ask a really high price
01:37because you know that you're going to end up negotiating
01:40because they know that you got to,
01:43as Derek said, you're a distressed seller.
01:44Yes, yes, yes, to a point.
01:46The problem is when you ask way too much,
01:49then all of a sudden nobody comes in
01:51and then you have to lower the price,
01:53which makes you look more and more desperate.
01:55So you want to come in higher than what you think
01:58you're going to get, but not so high
01:59that it turns off other buyers.
02:01And everything I'm hearing is $70 million
02:04is just a pipe dream.
02:05I'm not sure, but I would imagine
02:07he's spending a little more time talking to lawyers
02:10these days than his realtor.
02:13Oh, no, I mean, I agree with that.
02:15I agree with that.
02:15But look, I mean, the problem is that this house
02:19has now been featured not in real estate blogs,
02:22but on the news because of these raids.
02:25So what everybody is seeing, the visions of this house
02:28are not this beautiful house.
02:30Look at these beautiful manicured lawns and everything.
02:33No, what they're thinking of is battering rams,
02:36ripping out computers.
02:37That's what I'm saying.
02:38Look at these beautiful areas.
02:39Charles, let me teach you a little something
02:40about real estate.
02:41This is the type of house that you put in at a low price.
02:43You get a teaser price in there for all the Diddy fans
02:46who still exist, and then you get a bidding war
02:47where they bid it up because everyone wants to take
02:49a toy group to the raid house.
02:50All the Diddy fans that still exist.
02:51How many Diddy fans do you think can afford a,
02:55OK, even $30 million home?
02:57Derek, if Derek were really sophisticated,
02:59it's not Diddy fans.
03:00Right.
03:01That's not who you're going for.
03:02It's Homeby Hills fans who want to get into Homeby Hills.
03:06Let us teach you a little bit, Derek, about real estate.
03:08Harvey, I'd love to get on a real estate team with you.
03:10We'll leave Charles out of it.
03:11We'll go take the town.
03:13All right.
03:14My name is David from Los Angeles with B-Grade.
03:17Thank you, Harvey and Charles, for having me.
03:19So I'll just speak on this real quick.
03:21I'm from LA, so I feel like I have a little bit
03:23of knowledge on this.
03:24First of all, the traffic and the parking in that area,
03:26whether you're rich or not, who really wants
03:28to be in that area anyways?
03:29And other than the show that Kendrick Lamar just did,
03:32there really hasn't been a sense of community in Los Angeles.
03:36I mean, Los Angeles is one of the most narcissistic,
03:38selfish places in the world.
03:40Yes, we do have the beaches and the great weather,
03:43but I don't blame Diddy for wanting to get out
03:45just for that record.
03:46Thanks, Taken.
03:47Wow.
03:48Wow.
03:49I'm going, really, I mean, you know,
03:51for the few native Los Angelinos who are here,
03:54they might be offended by what you just said.
03:57I understand what you're saying.
03:58I get it.
03:59That's a sentiment a lot of people feel
04:01about LA when they move here.
04:02It just takes a while to get used to it.
04:04It's not a community.
04:05It's not like a city where.
04:06But let's not kid ourselves.
04:08That's not why he's leaving.
04:09No, that's not why he's leaving.
04:10He's leaving because of everything
04:12else that's going on.
04:14And honestly, by the way, there's
04:15a lot of spiritual talk with him right now.
04:17Regardless of how much he does end up making, you're right.
04:21He's not going to get $70 million.
04:22But it would be nice to make something
04:24because he may need to be making some payments if he's
04:27going to settle, attempt to settle any of the lawsuits.
04:30Yeah.
04:31I mean, I don't know where he is liquid-wise,
04:35but liquidity-wise, but we will see.
04:37Right.