It has been revealed that Sean Combs known as P. Diddy could continue to rake in the dollars even with his reputation in tatters HE was one of the most powerful moguls in hip-hop history, linked to businesses worth millions and with a fortune of over a billion dollars. But, after being accused of rape and sexual abuse by his ex-girlfriend in November last year, Diddy’s reputation lies in tatters and his multi-million dollar empire is crumbling.
Since then, even more sordid accusations have emerged, culminating in the rapper’s arrest in September of this year on charges of sex-trafficking, racketeering and transportation to engage in prostitution.
He currently sat in jail after being denied bail at $50million (£38m) and is set to go to trial in May, where he could receive a sentence of 15 years to life.
More than a hundred civil suits are also expected to be filed against the disgraced mogul in the coming weeks over allegations of sexual assault, covering a period from 1991 to 2004, with claims running into the millions of dollars.
As lawyers’ fees mount, Diddy has already started to flog assets to cover costs – including his private jet, a Gulfstream G550, which he reportedly selling for $25million (£19m) after a judge threw out his bail plea on the grounds he is a “serious flight risk.”
The move spells the end of the extravagant and flashy lifestyle the rapper enjoyed for decades, thanks to a lucrative network of business built up over the years, that covered everything from alcohol to fashion.
Private jets and luxury mansions
In a 1999 interview with Forbes, Diddy told the magazine he “wanted to be very, very, rich” – a dream the rapper set about achieving from the moment he founded his label Bad Boy Records in 1993.
With signings such as the Notorious B.I.G. and Mase, the label quickly became the go-to place for East Coast hip hop talent in the 90s.
In its heyday, Bad Boy Records was bringing in more than $130million (£100m) dollars annually, with Diddy personally earning a huge cut thanks to the success of the label’s catalogue.
His own debut album, 1997’s No Way Out, was a massive hit and was certified platinum seven times over.
In the decades since, Diddy looked beyond the music industry and built up a business empire that ranked him among the richest men in hip-hop – earning him billionaire status by 2022.
As his wealth soared, so did his spending on an eye-catching and extravagant lifestyle.
Among his biggest purchases was a $60million (£46m) private jet he dubbed “Combs Air”, a revolving fleet of 20 sportscars, and a record-breaking art collection including a $21million (£16m) painting by Kerry James Marshall, and works by Andy Warhol, Keith Haring and Jean-Michel Basquiat.
He even rocked up to the 2022 Oscars flashing a 30-carat diamond ring.
In 2003, the rapper dropped $14.5million (£11m) on a Miami mansion now worth more than $30million (£23m)and in 2014 bought a sprawling mansion in LA for $39million (£30m). Both properties were raided by federal authorities in the run up to his arrest.
But he soon started diversifying his business interests, building up an empire that covered fashion, alcohol, and Cable TV.
Author: Bunmi Johnson
New York, USA
olu20@hotmail.com
