What’s Left of Diddy’s Assets?

As Bad Boy Records founder Sean “Diddy” Combs sits in a Brooklyn prison awaiting trial on federal sex trafficking and racketeering charges and prepares to fend off multiple civil lawsuits alleging sexual assault, those in the music industry are asking how much of his wealth could be at stake.

Sources tell Billboard that the hip-hop mogul has sold many of the assets that earned him hundreds of millions of dollars. And Forbes estimated that Combs’ net worth — once fueled by ventures in music, fashion, liquor and cable TV — has fallen from approximately $740 million in 2019 to $400 million as of this past June.

Federal prosecutors and attorneys for the alleged victims likely will go after the money Combs earned from his businesses and other assets, and his own legal defense potentially could cost him hundreds of thousands of dollars as well. That said, prosecutors will need to prove that the businesses were in some way connected to the alleged crimes, to which Combs has pled not guilty. Lawyers representing individuals suing Combs in civil court do not need to meet that barrier of proof. It is unclear when a jury trial will take place for the federal charges, and the many civil lawsuits he faces are at various stages of adjudication.

Combs’ attorneys, representatives and federal prosecutors did not respond to requests for comment.

Here is a breakdown of Combs’ current financial picture viewed through his music, real estate and cable TV assets:

Bad Boy Records

While Combs began diversifying his investments long ago, his core music industry holdings have dissipated. He once owned his masters and publishing rights through Bad Boy Records. Currently, he may still own his publishing rights and albums recorded from 2010 onward, but he likely no longer owns the albums he recorded before 2009, which were the most successful of his career.

That’s because of a joint venture Combs entered with Warner Music Group for the entire Bad Boy catalog in 2005. The deal ended in 2009 with WMG retaining full ownership of the vast majority, if not all, of the catalog released by Bad Boy prior to that year. Those include the catalogs of The Notorious B.I.G., Faith Evans, Mase and another dozen or so platinum albums by Bad Boy artists.

In June, Billboard estimated that Diddy’s own catalog brings in $2.4 million annually in recorded masters revenue, as well as $600,000 in publishing revenue, of which his share is $222,000. We estimated his catalog would carry a valuation of $42 million.

Since determining that Combs no longer owns his best-selling albums, Billboard revised that estimate — based on a calculation that almost 60% of his catalog’s annual activity is owned by WMG — to $1.05 million. His music publishing earnings remain unchanged, which adds up to $1.25 million in take home pay.

Catalog

One asset Combs is unlikely to sell soon is his catalog because his the nature of the alleged abuses outlined in the various legal cases he is facing and the fact that recordings were not put out under a single, identifiable brand — he has released music as Puff Daddy, Puff Daddy & the Family, P. Diddy, Diddy and Diddy-Dirty Money — make it harder to market, institutional investors tell Billboard.

While private equity investors have no appetite for music issued under the Diddy names, financial sources say that music from other artists he has worked with still have value, and those artists could sell their income streams. However, some Bad Boy Records artists have asked the various majors if their albums might drop the Bad Boy logo, sources tell Billboard.

In 2023, Combs disclosed that he has been returning ownership of publishing to the artists who recorded on Bad Boy Records.  In a Q&A with Billboard, he reported that Mase, Evans, The LOX, 112 and the estate of The Notorious B.I.G. are among the creatives who have already signed agreements to regain those rights.

REVOLT

Co-founded by Combs as a music cable channel in 2013, REVOLT was initially broadcast by Comcast and Time Warner Cable to a combined roughly 34 million subscribers. Over the past decade, it has built a reputation as a prominent black-owned media company and has been profitable since 2018. Last summer it was part of a group of investors bidding for a majority stake in Paramount Global’s BET Media Group. As a private company, it has never disclosed its financials. Combs stepped down from his role as chairman of REVOLT last November, and reports circulated in March that he sold his stake to an anonymous bidder. Sources tell Billboard Combs’ stake likely netted him a sum in the low to mid-eight figures.

Real Estate

It is documented in court documents filed in connection with the federal charges against Combs that Combs owns homes in Los Angeles and Miami. The latter, which is located on Miami’s exclusive Star Island has multiple pools, an on-site spa and a guesthouse was listed as part of his collateral for his $50 million bail bond. (Judge Robyn F. Tarnofsky denied his release, and Combs’ attorneys filed an appeal this week.) Combs’ home in Beverly Hills is currently for sae for $61.5 million.