(AllHipHop News) Embattled hip-hop mogul Bryan “Birdman” Williams has been ordered to hand over the keys to his Miami, Florida mansion after defaulting on a $12 million loan.
The Cash Money Records boss purchased the luxury estate in 2012 for $14.5 million and took out a loan against the property from officials at EMG Transfer Agent in 2015.
However, Williams is accused of failing to pay back the funds, and last month he was reported to be facing losing the pad to foreclosure as financial executives moved to recover the loan, plus interest and late payment charges.
Now, according to reports, a Miami judge has ruled Williams, who had been trying to sell the home, must immediately surrender all keys and security codes to a court-appointed monitor, who will be allowed to arrange for the place to be rented out to raise funds while the legal dispute rumbles on.
Williams has yet to comment on the court decision or the allegations filed against him in EMG’s lawsuit.