Sean “Diddy” Combs’ empire began to crumble months before he was indicted on three counts of robbery, sex trafficking and transportation for prostitution on September 17.
In the rap scene since the 1990s, the Harlem-born singer, 54, sang about being “all about the Benjamins” as he built his hip-hop empire. . His brand became synonymous with an extravagant lifestyle – mansions, yachts, private jets, luxury cars, women, Cristal, furs and over-the-top gifts for mum Janice . There’s a meme of him looking at a $1 bill looking surprised at its presence among the 100 dollars, and plenty of GIFs of him making it rain.
Combs, also known as “Puff Daddy,” did not pretend to be a choir boy, calling his business Bad Boy Entertainment. There were cops and cops (one of whom was known to be his girlfriend at the time Jennifer Lopez). There were rumors about the ways he allegedly dealt with business and personal conflicts. But the money kept coming in, reportedly about $1 billion, according to Forbes’ real-time billionaires list, which came out in November 2023.
In the same month that Combs’ billionaire status was celebrated, Cassie Ventura, who he dated for more than a decade before they split in 2018, filed an explosive lawsuit against him, alleging rape , exploitation and sex trafficking. Combs settled the case the next day, pleading no wrongdoing. A video of Combs apparently punching, kicking and dragging Ventura in 2016 later surfaced, in May, for which he took “full responsibility.”
Ventura’s case opened the floodgates: Several other women – and a man who produced one of Combs’ albums – sued him over the next few months, alleging sexual misconduct or harassment. one. By the fallout, by the time the feds raided Combs’ homes in Miami and LA in March, his business empire was collapsing.
Now, after his arrest – where he pleaded not guilty and maintained his innocence – we have a clear picture of his financial situation and how it is affected by the charges.
How did Diddy make his money?
Combs made his money through music, alcohol, clothing, media and start-up businesses.
Most notably: In the last ten years, Bad Boy’s record label has created the TV network, Revolt; was an investor in Diageo spirits, owned the DeLeón tequila line and promoted the Cîroc vodka company; he profited from the alkaline water brand Aquahydrate (in which Mark Wahlberg was also an investor), which he sold for a lot of money; bought his clothing line, Sean John, for $7.5 million; and invested $185 million in a cannabis company. That included on his back catalog Bad Boy.
What was he worth before the charges?
Last year Forbes dropped the number of $ 1 billion – and it was still the same a few years ago. Gem claimed to be worth $550 million in 2012 and $700 million in 2014 – both times putting him at the top of the hip-hop richest list. Diddy declared himself a billionaire in 2017 but backtracked, saying the race for hip-hop’s first billionaire is still on.
Forbes estimates that at the time he was actually worth $820 million. As for who won the race, it was Jay-Z, who became a billionaire before Combs in 2019.
What is Combs estimated to be today?
Forbes estimated his net worth at $400 million as of June. As accusations of sexual harassment mount, “businessmen have fled,” the agency reported. “His words have become even more useless.”
He had a lot of money coming in from legal fees. In November, Combs reached a settlement with Ventura, the terms of which were not disclosed. (Before the case went to trial, Combs allegedly offered her “eight figures” to drop it, her attorney said.)
That case led to many other prosecutors suing him. Those cases are ongoing.
After Combs was arrested on Sept. 16, his lawyer Marc Agnifilo announced that they are ready to fight the charges, which will be more expensive. His legal team has worked hard on his case for nearly six months, after the Combs family was raided by federal investigators in March.
What assets did Combs sell amid the scandal?
Since the flurry of accusations began in November…
Combs sold his stake in Revolt.
Sean John’s fashion line was discontinued at Macy’s.
He ended his partnership with Diageo, settling a lawsuit he filed against the London-based spirits company in 2023 alleging racism. Combs no longer has a business relationship with Diageo, which has retained only Cîroc and DeLeón ownership.
Before he was arrested on sex-trafficking charges, Combs put his 17,000-square-foot home, which had been raided by Homeland Security, on the market for $61 million.
His lawyer said in court on Sept. 17 that Combs is selling his private plane – registered to “Love Air LLC” – which could bring $ 20 million to $ 25 million.
What else did we learn about his finances at court?
In an unsuccessful attempt by his lawyers to release Combs from prison before his trial, they revealed an extensive bail package, in which they proposed a bond of $ 50 million, details about his finances.
It was noted that Combs paid off the remainder of the $18 million loan on his $48 million Miami Beach condo in August.
At the end of the week, he wrote a letter of intent with someone who wants to buy his plane.
Combs is trying to rent an apartment in New York City, as his federal case is in the US District Court for the Southern District of New York, but he has had no luck. He was staying at the Park Hyatt hotel in midtown Manhattan when he was arrested.
What other influences have had on his businesses and his name?
Miami Beach held its annual Sean Diddy Combs Day in July.
At the request of NYC Mayor Eric Adams, Combs returned the key to the city in June – after receiving it in September 2023.
Howard University revoked Combs’ honorary degree in June. The university also returned his $1 million donation and canceled a $1 million pledge agreement from his Sean Combs Foundation.
Peloton stopped using his music and is getting less and less radio airplay.
The Hulu show was dubbed for a while Diddy+7, which was to show his family’s business and their lives, was canceled in December.
The e-commerce platform he launched, Empower Global, for Black-owned businesses saw at least 18 product launches in December.
The community, a free charter school he founded in Harlem, cut ties with him in November.
What did the prosecutors say about his business?
According to the indictment against Combs, he “harassed, threatened and coerced women and other people close to him to fulfill his sexual desires, to protect his reputation and to hide his behavior.” ” Some of the injuries were so violent that it took days or weeks for the victims to recover.
Among the allegations is that he organized long drug-induced sex shows, or “extravaganzas,” in which women felt coerced or coerced into having sex with men. when he records them and masturbates. When his home was raided, investigators found guns (including three AR-15s with defaced serial numbers), drugs and “over 1,000 bottles of baby oil and grease.”
The indictment alleges that Combs ran a criminal organization (called the “Combs Enterprise”) that included members of Bad Boy Entertainment, Combs Enterprises and Combs Global not only to line his bank account with its entertainment deals and lifestyle, but he is also said to commit criminal acts. at his command, including sex trafficking, forced labor, international transportation for the purpose of trafficking, drug offenses, kidnapping, arson, bribery and obstruction of justice.
Prosecutors said in court papers that they have interviewed more than 50 victims and witnesses in the Combs case — and expect that number to grow.
If Combs is convicted of all three charges, the sentence calls for a minimum of 15 years in prison.
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