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Diddy has regained ownership of fashion brand Sean John. Founded 20 years ago, the rapper once again became the owner of the brand following a bidding victory of $7.6 million on December 20.
The artist sold most of Sean John's shares to GCG USA. Reports say that 80% stakes were taken by the company and 20% was left for Diddy. The transaction amount was estimated to be around $70 million.
Bloomberg has previously reported that someone associated with Diddy was planning to purchase the brand for $3.3 million and was the highest bidder at the time.
Also known as Sean Combs, the songwriter sued Global Bands Group this year for reportedly using his picture and attributing a quote to him without his consent, along with falsely linking him to the company. He filed another lawsuit with charges pertaining to breach of contract and deceptive practices for around $60 million.
According to TMZ, Combs purchased it following a bidding match with four others and the final approval for the bid could be on December 22.
Diddy on claiming his ownership of Sean John
In an interview with Complex, Diddy said that he launched the company in 1998 with the aim of building a premium brand that would break traditions and elevate hip-hop to high fashion all over the world.
The artist continued and said,
“Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy.”
What is P Diddy's net worth?
Born as Sean John Combs, P Diddy is a well-known rapper, songwriter, and entrepreneur. He founded his record label, Bad Boy Records in 1993 and produced artists like Usher and The Notorious B.I.G., among others.
According to CelebrityNetWorth, the 52-year-old’s net worth is estimated to be around $900 million. Combs has earned a lot from his career in the music industry and as an entrepreneur.
He earned around $1 billion from 2000 to 2020 from his business including music royalties and investments in various brands. He even owns a stake in DeLeón Tequila and Aquahydrate.
Houses owned by Diddy
Combs first bought a home for $2.45 million in East Hampton in 1998 and rented it later for more than $200,000 per month. He sold the house for $4.7 million in 2020.
The Harlem, New York native purchased a three-bedroom apartment in New York City for $3.82 million in 2003 and later sold it for $5.7 million in 2017.
Combs then purchased a house in Alpine, New Jersey for $4 million in 2004. Although he listed the house for sale at $9 million in 2007, no one took an interest in it and he eventually sold it for $5.5 million in 2016.
He then bought a 17,000 sq. ft. mansion in Holmby Hills for $39 million in 2014. It has a pool and an underwater tunnel linked to a grotto. It also has a steam room, beauty salon, movie theater, massage room, and wine room.
Diddy purchased a house for Kim Porter in 2009 for $5.25 million and is still the owner of this property. Combs also bought a house on Star Island for $35 million in August 2021 and has been the owner since 2003.
