Uh oh! It looks like Birdman and his rumored ‘wife’ Toni Braxton will be house hunting soon.
[READ: Braxton Family Unite For Mama Evelyn’s 70th Birthday (PHOTOS)]
The Cash Money founder was recently ordered by a judge to surrender possession of his Miami mansion in a legal dispute regarding a $12 million dollar loan.
Details below…
According to court documents obtained by The Blast, Birdman must immediately surrender possession of all keys and security system access to his 7-bed 11-bath 20,000 sq ft compound.
The Cash Money CEO has been embroiled in a lawsuit with a company named EMG Transfer Agent who accused the producer of defaulting on a $12 million loan. Apparently the Palm Island mansion, which was purchased for $14.5 million in 2012, was put up as collateral for the loan.
The judge ruled that the property cannot be sold or transferred until the entire legal case is resolved, but in the meantime it can be rented or leased.
The court has appointed someone to control the collateral and as such, they will take control of the residence and also receive all contracts, leases, rental agreements, fixtures furniture and equipment.
The luxurious home features a theatre room, huge below ground pool, cabana, gym, spa, in-house massage room and of course the private waterfront dock.
For the record, Birdman has not responded to the allegations in the lawsuit.