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Breakdown of Diddy’s depleting wealth
Following is a breakdown of how Diddy’s finances have been impacted so far, with estimates based on publicly available and reported figures. From legal fees to the potential impact of ongoing trials, various aspects of his wealth have been affected, as reported by Fortune.
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Beverage company
Diageo being the face of Cîroc vodka has been a major source of for Diddy. While he was technically not the owner of the brand, it has compensated him enough. He also owned half of DeLeón tequila as part of the joint venture. In January, Diageo paid Diddy $200 million for his stake in Cîroc, marking the end of their partnership, including his involvement with the liquor giant.
Real Estates
Diddy’s two estates, one in Miami Beach were recently appraised at $48.5 million while the second one in Los Angeles has been listed in the market since September. In addition to these estates, his wealth was also bolstered by his other assets like his private jet which cost around $20 million and a Kerry James Marshall painting which is worth $21 million. Even if his homes may not fetch the high prices some might expect, these tangible assets contribute significantly to his overall financial portfolio.
Investments in the Private sector
Being a music mogul, he was an early investor in Spotify and and few other startups, however, he recently gave up his stake which was once valued at nine figures in the multimedia network Revolt. His online marketplace, Empower Global was also shut down. The rest of the holdings are much more difficult to sell.
Inventory and proprietary rights
Diddy initiated a goodwill campaign by returning publishing rights to artists like Ma$e and the estate of the Notorious B.I.G right before his empire turned to dust. However, not everyone was willing to accept his offer. Former Danity Kane singer Aubrey O’Day rejected the gesture, citing her unwillingness to sign the accompanying non-disclosure agreement, which she felt was too restrictive.
Cash Reserves
Apart from the long list of bills for his expensive legal team, his liquid assets were depleted due to various eight-figure checks he signed which covered settlement in his ex-girlfriend, Cassie Ventura’s lawsuit which cost an estimated ten million. He also made a mortgage repayment on his South Florida home, freeing it up to be used as collateral for a $50 million bail bond.
