Sean “Diddy” Combs once boasted billionaire status, but amid federal investigations into sex trafficking and racketeering allegations, the $400 million remaining of his net worth is reportedly at risk of government seizure.
The legal team for the embattled hip-hop mogul has brought on a former federal prosecutor with three decades of experience specializing in asset forfeiture and money laundering at the Department of Justice, Fox News reports. The move comes as Combs tries to protect a range of assets, including real estate, luxury items, and business ventures, that could be targeted by the government.
“RICO forfeiture is intended to be very broad, and so it has significant consequences,” Stefan Cassella told USA Today, citing the limited details he could share about Diddy’s case because of his involvement as a consultant. “So, it’s going to boil down to what they can prove was part of the enterprise.”
Combs, whose trial began this month, is facing serious legal trouble with a series of federal charges, including racketeering conspiracy, sex trafficking by force, fraud, or coercion, and transportation for prostitution. The RICO charges brought by the U.S. Department of Justice also mean he risks losing any assets tied to alleged criminal activity.
“This is a very, very broadly phrased forfeiture allegation. It doesn’t look like there was any sort of pre-indictment seizures that they’re counting towards it,” former DOJ Organized Crime and Gang Section Chief Jim Trusty told CNN‘s Laura Coates.
“And they’ve named the enterprise in a very broad way, the RICO. The RICO is essentially anything he touched in his business world, whether it’s record labels, liquor labels, planes, trains, and automobiles.”
What’s potentially on the chopping block? Several high-end properties, including a nearly $40 million estate in L.A.’s Holmby Hills, a $5.25 million home in Toluca Lake, two side-by-side waterfront mansions on Miami’s Star Island purchased for $35 million, $14.5 million, and a Miami condo valued at nearly $3 million.
In addition to his real estate, Combs owns a $25 million Gulfstream G550 jet through his company LoveAir LLC and a luxury car collection valued at approximately $1.6 million in addition to his real estate. The lineup includes a $500,000 Rolls-Royce Phantom, a Ferrari 360 Spider, a Lamborghini Gallardo Spyder, and a Cadillac Escalade.
The Bad Boy founder also owns a notable art collection, including Kerry James Marshall’s Past Times, which he purchased at Sotheby’s for $21.1 million in 2018. His business empire is also potentially at risk, including Bad Boy Records, his parent company Combs Global, which oversees Combs Wines and Spirits, Revolt Media, the Sean John fashion and fragrance lines, and his nonprofit, the Sean Combs Foundation.
“Anything [Combs] did as an artist probably has lost substantial value, as has his brand,” John Branca, Michael Jackson’s estate attorney, told Forbes.
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