Diddy is now again the sole proprietor of the Sean John clothing line. Twenty years after its creation, the rapper won the auction for $7.6 million on December 20 and is once again the sole proprietor of the business he helped create. The artist sold the majority of Sean John’s shares to GCG USA. The corporation reportedly acquired 80% of the shares, and Diddy was left with 20%. About $70 million was projected to be the total price of the deal. According to Bloomberg, the top bidder for the brand was $3.3 million, and someone with ties to Diddy was preparing to buy it.
This year, the songwriter also known as Sean Combs filed a lawsuit against Global Bands Group for allegedly misusing his image and quoting him without his permission. He then launched a second case for roughly $60 million, alleging breach of contract and misleading practices. TMZ reports that Combs won the bidding war against four other parties and acquired the property; the formal approval of the transaction might come as early as December 22.
Sean John’s ownership by Diddy
According to an interview with Complex, Diddy founded the firm in 1998 to create a premium brand that would challenge norms and bring hip-hop to the forefront of global high fashion.
The Net Worth details of P. Diddy
P Diddy, real name Sean John Combs, is a famous music mogul, composer, and rapper. Among the musicians he produced and released on his Bad Boy Records label are Usher and The Notorious B.I.G. The 52-year-old is believed to be worth approximately $900 million by CelebrityNetWorth. Combs’s success as a musician and businessman has made him a substantial fortune. Between 2000 and 2020, he made something in the neighbourhood of $1 billion through his many investments and commercial endeavors, such as music royalties. Even DeLeón Tequila and Aquahydrate are companies in which he has invested.
Residences owned by P. Diddy
In 1998, Combs spent $2.45 million for an East Hampton property, which he eventually leased out for almost $200,000 monthly. In the year 2020, he sold the home for $4.7 million. The native of Harlem, New York, bought a three-bedroom apartment in 2003 for $3.82 million and sold it in 2017 for $5.7 million. In 2004, Combs spent $4 million for a home in Alpine, New Jersey. He put the home on the market in 2007 for $9 million but received no offers; he finally sold it for $5.5 million in 2016.
In 2014, he spent $39 million on the house with 17,000 square feet in Holmby Hills. It has a pool and an underground passage leading to a cave. In addition, there are spa services, a cinema, a massage room, a wine room, and a steam room. In 2009, Diddy spent $5.25 million on a home for Kim Porter, who still owns the property. In addition, in August 2021, Combs spent $35 million on a home he had owned since 2003 on Star Island.