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Diddy is HURTING for cash!
Ever since he went off to jail on federal criminal charges of racketeering and sex trafficking, and amid all the seemingly endless lawsuits that keep getting filed against him, the Bad Boy Records mogul’s business empire is completely floundering. And now, we have some idea of just how much it is fading, in fact.
Related: Chris Brown Raped A Dancer Aboard Diddy’s Yacht, She Claims! And…
On Saturday, the New York Times published a report detailing the apparently unbelievable fall from grace that the music mogul has felt in his pocketbook. And the numbers here are shocking, y’all.
Per that outlet, and the experts it consulted, Diddy has lost literally hundreds of millions of dollars in business deals over the last few years — and particularly since all of his biggest legal troubles REALLY started up in 2024!
Read on for all the disturbing deets and a breakdown of where the embattled mogul’s fortune has apparently gone…
No Billions, Big Problems
The specific number is WILD. The Times reached out to journalist and former Forbes editor Zack O’Malley Greenburg about it. He has studied Diddy’s finances as part of his work, and he told the newspaper:
“I firmly believe that he was at one point a billionaire. I firmly believe that he is not now.”
And it gets worse! A previous Forbes report estimated that Diddy’s fortune was as high as $740 million back in 2019 — but by June of this year, in the middle of the first wave of legal troubles and allegations against him, that number had dropped down to somewhere around $400 million. That’s nearly a 50% drop! And a whopping $340 million in total!
DAMN!!!
Home Is Where The Hurt Is
Diddy’s mansions have come under particular scrutiny. Remember, the Department of Homeland Security raided them this past spring in conjunction with the legal case being made against the music mogul. And now, both homes are stuck in a strange quagmire — the Los Angeles mansion where Diddy primarily lives, plus his Miami Beach home where he spends a lot of time.
For one, Diddy has tried to use that Miami Beach home as collateral to allow him to bail out of prison prior to his trial. Back in September, they proposed to the judge in the case a $50 million bond after appraising the Miami Beach home for $48.5 million in value. The judge rejected that offer outright, though!
And as for his El Lay mansion, well, it’s currently up for sale for a cool $61.5 million… and just sitting on the market… doing nothing. No action! Yikes! Plus, with Diddy still remanded to prison at the Metropolitan Detention Center in Brooklyn until his trial in May of 2025, well, he can’t actually live in either of ’em.
Can’t use ’em and can’t sell ’em… not a great place to be!
Ciroc and DeLeón Drama
One of Diddy’s most lucrative financial windfalls was his partnership with alcoholic beverage conglomerate Diageo. He began promoting its vodka Ciroc nearly 15 years ago after buying into the brand. And about a decade ago, he and Diageo jointly went in on a bid for De León Tequila.
But recently, those financial moves have been fraught with major issues. For one, in 2023, Diddy sued Diageo with an accusation that the company was typecasting both liquor brands by gearing them specifically towards the Black market in “urban areas,” as the suit stated per Us Weekly. Diageo denied the claims at the time — and dropped an inneresting tidbit in a court filing that they had paid Diddy nearly $1 billion over the course of their partnership. Cha-ching!
But after that lawsuit — and even more notably, after Diddy’s ex-girlfriend Cassie Ventura sued him and settled privately for big bucks almost immediately — Diageo’s lawyers pulled the plug on it. In court docs, they argued that it would be “impossible” for Diddy to “continue to be the ‘face’ of anything” following the Cassie suit. And remember, all that was before the even more recent shocking news cycle involving the rapper!
In the end, those alcohol biz lawsuits were dismissed before they went to court, and the dispute was resolved privately. Now, as of 2024, Diageo alone owns Ciroc, and Diddy sold his half of the DeLeón brand, as well.
Revolting Against Revolt
Earlier in 2024, Diddy sold his take in Revolt TV for an undisclosed amount of money — and to an anonymous buyer. The writing there had been on the wall, of course. Even though Diddy had been involved with Revolt forever, back in November of last year, he had already stepped down as the chairman of that media company.
Related: Drug Found In Liam Payne’s System Is One Diddy Allegedly Has MAJOR History With!
Then, once DHS raided his homes in Miami and Los Angeles back in March of this year, he rushed to make the sale and get away from Revolt so that the brand could survive in his wake. For now, Revolt is doing its best to carry on — and Diddy is as far away from it as they can manage!
Catalog Crush
Finally, there is Diddy’s music catalog to consider. Obviously, he made a name for himself first and foremost in the music industry. Not only did he rap, but he also produced for a ton of major artists, and he’s also credited with discovering talents like Notorious B.I.G., Mary J. Blige, and Usher via his once-iconic record label.
But his music catalog’s economic power isn’t as great as you think it would be! For one, Diddy long ago lost the rights to some of his most popular records. Earlier this month, Billboard estimated that he only makes about $1.25 million from various music publishing rights and recording fees each year. That’s it?! That’s definitely not a lot… for him!
Even worse, the remaining catalog tunes that he does own are now going to be nearly impossible to sell! The value of the remaining catalog has cratered due to Diddy’s recent legal troubles, with the Times claiming in this weekend’s report that it would be extremely difficult for him to make big money (or really any money at all) considering his reputation at this point in time.
All in all, it’s far less than ideal… to say the VERY least!!
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[Image via Ivan Nikolov/WENN]
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