Last week, we reported that Birdman may be in a whole heap of financial trouble, following the news that he'd defaulted on a $12 million loan. This led to Rick Ross taking some shots at the music mogul, claiming that he'd soon run out of money completely. Now, the story has taken another turn for the worse, with the Cash Money mogul being hit with a lawsuit from those who let him borrow all that money in the first place.
According to a report by the South Florida Business Journal, Birdman is getting sued for the not being able to pay back said loan, legal action that could catch his Miami mansion, as well as a North Miami office space, in the crossfire. He took out the loan in 2015 and put the mansion up as collateral, a move that could see him lose the house after his failure to pay. The office space, which houses Birdman’s Hit Factory Criteria Recording Studios, could also be swallowed up by EMG Transfer Agent after they filed a foreclosure lawsuit on the 30th of November.
EMG aren't the first ones to take on this loan, as it has changed hands several times since Birdman entered into the borrowing agreement in the first place. Earlier this summer, Birdman put the mansion up for sale and, according to XXL, the home is currently listed at $16.9, nearly three million more than he paid for it.
There has been no official statement made by Birdman or his representatives at the time of this writing. No additional court dates have been scheduled as of yet.