A federal judge denied Sean “Diddy” Combs’ third attempt at requesting bond from federal detention as he awaits prosecution for sex crime charges. However, as the rap mogul is restricted from running his Bad Boy empire at full capacity, one might wonder, “Is he still raking in millions?”
According to Forbes, the rapper was reaching billionaire status before all this started. However, his net worth dropped dramatically from $740 million in 2019 to $400 million by this past June as a result of the building sex abuse allegations against him, according to Forbes. Across his many assets, it appears Combs’ business decisions are a lot of give and take.
Media Assets
A joint venture between Combs and Warner Music Group in 2009, the rapper sold his ownership rights to some of his most popular albums across the 1990s and 2000s for $30 million, according to NBC News. However, Billboard estimated that Combs’ own music is valued at $42 million before the WMG agreement and about $1.05 million after it.
Investors tell Billboard it will be hard to sell his catalog since no one will be quick to buy anything branded “P. Diddy” amidst the legal controversy.
In regards to cable channel REVOLT, we saw that Combs stepped down from his role as chairman amidst the sexual assault lawsuit he faced from Bad Boy signee Casandra “Cassie” Ventura. After selling his stake to an anonymous bidder, he acquired a payout in the low tens of millions, per Billboard.
Last year, Combs eyed Paramount Global’s stake in the BET Media Group during a bidding last year, per The Hollywood Reporter. However, Paramount decided not to sell.
Legal Costs
In another attempt to rake in cash, Combs placed his Beverly Hills home for sale at $61.5 million - the same house that was raided by the Department of Homeland Security Investigations in March. His mansion in Miami, which was also raided, was also offered as part of his $50 million bond condition request to federal court.
However, two federal judges denied his requests for bond. His new home is the Metropolitan Detention Center’s Special Housing Unit in Brooklyn.
Finally, while we don’t have exact amounts, it’s safe to assume that another tug on Combs’ pockets will come from monetary demands in the piling list of lawsuits. He settled Ventura’s lawsuit with her outside of court shortly after the filing.
Though the terms of the settlement weren’t disclosed, Combs’ attorney Ben Brafman accused Ventura of threatening to blackmail the rapper for $30 million, per NPR. Other plaintiffs, (over 100 but who’s counting?), have come forward demanding both jury trials and monetary demands in lawsuits against Combs accusing him of sex trafficking, physical abuse and more horrid crimes.
We didn’t even account for the cost of his new team of nearly five defense attorneys. Regardless, it’s safe to say Combs will likely be rich for a while.
On Monday, Sept. 16, the 54-year-old rap mogul was arrested in Manhattan by federal authorities. His indictment was unsealed the following morning, revealing charges of racketeering conspiracy, sex trafficking and engaging in interstate transportation for prostitution. The allegations against Combs include sexual abuse, physical abuse, bribery and various drug offenses. He has pleaded not guilty, and was denied bail.