Kanye West's Malibu Moves Cast Doubt on Diddy's Declining LA 'Freak-Off' Mansion Value

In an unexpected but relatively tame twist in the often tumultuous world of hip-hop, Kanye West and Sean "Diddy" Combs have found themselves on opposite sides of a real estate deal.

Just down the way, Diddy is reportedly being urged to let go of his massive Holmby Hills mansion thanks to his more serious legal problems. He has received a ridiculously lowball offer from real estate investor Bo Belmont.

The 17,000-square-foot estate was first listed for $62 million but is now on the market for only $30 million, according to reports from TMZ.

Belmont — through his company Belwood Investments — gained notoriety earlier this year after buying West's Malibu beach mansion for a bargain $21 million, after the home was cleared out amid Knirscht's various alterations before going up for sale at a 64% markdown from the price that West paid for the prime property in 2021, netting the seller a $57 million loss.

According to AllHipHop, while Belwood has worked with West's team on the Malibu deal, sources said that whether West's team is also involved in the latest transaction isn't clear. This adds yet another wrinkle to this already messy tale over other allegations being connected to the two moguls.

The sale of Diddy's mansion has been heavily affected by the rapper's legal problems with sex tapes. He is now in custody at the federal level on sexual trafficking and racketeering charges—including transporting women for prostitution.

The property has now languished for two months without serious offers as the charges have sullied its desirability as a marketable asset.

"The property itself is stunning, yet it's clear that the criminal allegations has impacted buyer interest," a real estate insider tells PEOPLE. Limited top-end international interest attracted overseas curiosity, but no serious dollar. Buyers are more conservative overall, and it makes for a tough market, Brooks said.

Diddy was already in hot water when Homeland Security raided his L.A. and Miami homes early this year. His attorneys are trying to get him released on a bond of $50m, which would be placed under strict conditions, while he waits for his trial, which is scheduled for May 2025. Diddy could be sentenced to life behind bars if convicted.

Diddy's family has also blasted the drama in which he is embroiled. Misa Hylton, who is the mother of Diddy's son Justin Combs, slammed Homeland Security on social media over their tactics and described them as "militarized" and "aggressive" during the raid.

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Kanye West, Diddy