Money trouble? Kanye West took out $2million line of credit against New York apartment

Kanye West and Kim Kardashian West arrive at the MTV Video Music Awards in New York in August, with Kim flashing her diamond engagement ring, which was stolen. Photo / AP
Kanye West and Kim Kardashian West arrive at the MTV Video Music Awards in New York in August, with Kim flashing her diamond engagement ring, which was stolen. Photo / AP

Kanye West took out a $2million line of credit just months before his wife, Kim Kardashian, was held up at gunpoint in her Paris apartment and robbed of $5.6million worth of jewelry.

The 39-year-old rapper took out the large equity line of credit on his New York City apartment, according to records filed on September 27. JP Morgan granted the line of credit to him on July 12.

The agreement states that the bank will make advances to Kanye in a principal amount not exceeding $2million. Kanye has until 2036 to pay back the funds.

Kanye West's apparently took out a line of credit on his New York apartment at Soho 25 located at 25 West Houston St. Photo / Google
Kanye West's apparently took out a line of credit on his New York apartment at Soho 25 located at 25 West Houston St. Photo / Google

Kanye purchased a New York apartment in the SoHo neighborhood for $1.25million, and combined it with the unit next door.

According to reports, he secretly listed the home for $4.5million in 2013, but no one bit at the listing.

And last month, Kanye purchased Kim a 20-carat Lorraine Schwartz emerald cut diamond engagement ring worth $4million, which was stolen during the robbery last month along with another case of jewelry.

Kim has filed a federal lawsuit against MediaTakeOut.com for its posts, one of which alleged there was evidence Kim "staged" the robbery.

Insurance documents state that the 13 items taken during the incident are worth approximately $5.6million.

Kim, 35, was robbed by a group of masked men who forced their way into her Paris apartment, tied the reality star up with zip ties and duct tape, and made off with millions of dollars worth of jewelry.

After the raid, the five men were seen escaping on 'velibs' - hire bicycles which can be rented all over Paris.

Kanye purchased a New York apartment in the SoHo neighborhood for $1.25million, and combined it with the unit next door. Photo / Blocksy
Kanye purchased a New York apartment in the SoHo neighborhood for $1.25million, and combined it with the unit next door. Photo / Blocksy

Her publicist had said the thieves were disguised as police officers but sources close to Kardashian told TMZ their uniforms looked more like they came from a Halloween store.

They also claimed Kardashian told police the masked robbers were 'extremely hesitant and tentative' and arguing over how to pull off the daring heist.

It is understood the thieves were white, middle-aged Frenchmen. None have yet been caught.

Following the ordeal, Kardashian has called in former special service agents as part of a plan to ramp up her security to 'presidential levels'.

The investigation is ongoing, and no suspects have been arrested in connection to the incident.

Following the robbery, the star agreed to stop flaunting her jewelry online as she was making herself a robbery target.

She reportedly said: 'Material things mean nothing. It's not all about the money. It's not worth it.'

The 35-year-old has filed an insurance claim for the stolen items, including her engagement ring.

- Daily Mail

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