How Sean Combs’ $1 billion empire crumbled over criminal charges
Hip-hop mogul Sean ‘Diddy’ Combs, once worth $1bn, faces a stark new reality when released from prison, with most of his empire and A-list connections now gone. This is what we know.
He was once the wealthiest man in hip hop but when he is finally released from prison, Sean Combs will return to the rubble of an empire left in tatters after a bruising years-long saga of civil and criminal action.
The self-made mogul from Harlem was best known for his music career as an artist and the owner of Bad Boy Records.
But his empire far exceeded the music industry and over decades he amassed lucrative business holdings in liquor, fashion and television.
Despite his net worth reportedly dropping from about $1 billion to $300 million, he is still a wealthy man with significant property and business holdings.
A $50 million bail package put forward by his lawyers to secure his release from prison after his conviction was rejected by the court.
Arguably one of his biggest commodities was the star-studded crowd he ran with.
The former music industry kingmaker once commanded A-list turnouts at his 2000s-era White Parties that were attended by Jay Z, Justin Bieber, Beyonce, Jennifer Lopez, Will Smith and 50 Cent.
Many of those big names have abandoned the mogul in the wake of the scandal, with the exception of Kanye West, who now goes by Ye and showed up at court to support Combs during his trial.
As the criminal and civil cases unfolded, he was also dumped from brand partnerships.
His charter school in his home neighbourhood of Harlem cut ties, an honorary degree from Howard University was rescinded, and his ceremonial keys to New York City were revoked.
Prior to his arrest, he sued alcohol behemoth Diageo for whom he once promoted Ciroc vodka and co-owned DeLeon tequila. Ultimately, he withdrew his lawsuit and ties were cut, ending their lucrative partnership.
From prison, he has remained CEO of Bad Boy Records and reportedly has plans to make more music and stage a comeback tour with a show at New York’s Madison Square Garden.
After his release, his legal and financial woes will not be over. He has already paid $20 million to settle a civil suit brought by ex-girlfriend Casandra Ventura, and a number of other civil cases are still outstanding.
Had he been convicted of the more serious offence of racketeering conspiracy, he could have been forced to forfeit assets, including homes, to the government.
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Originally published as How Sean Combs’ $1 billion empire crumbled over criminal charges
