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Not that its the most important question surrounding Sean Diddy Combs federal sex crime trial but what would happen to the rappers fortune if the jury returns with a guilty verdict? Since being locked up, the mogul has lost millions. An expert weighs in to give their theory on whether a conviction would make his price drop even lower.
Forbes previously reported that Combs net worth was at $400 million following a serious drop from the $740 million that led the rapper to tout that he was a billionaire. The Bad Boy CEO had just listed his $61 million Los Angeles mansion for sale after it was raided by the Department of Homeland Security.
He also tried to sell his $48 million mansion in Miami to help meet potential bail, only for his bond to be denied, per USA TODAY.
As The Root previously reported, Combs sold his ownership rights to some albums made with Warner Music Group for $30 million, he stepped down from chairman of REVOLT and sold his stake in the company to an anonymous bidder.
Despite his financial Ls, Combs still has the entirety of Bad Boy Records, Combs Enterprises, a private jet, alcohol lines, and an art collection holding Basquiat and Keith Haring pieces. However, all these assets are at risk of being seized by the government if the jury finds him guilty, per an expert.
Former Chief of the DOJs Organized Crime and Gang Section Jim Trusty tells CNN all Combs assets are fair game – that is if the asset can be proven to contribute toward Combs alleged crimes.
This is a very very broadly phrased forfeiture allegation. Normally you see things theyve already gotten their hooks into. So its basically just saying if it is an instrumentality or a proceed, were going after it, said Trusty. And theyve named the enterprise in a very broad way. The RICO is essentially anything he touched in his business world whether its record labels, liquor labels, planes, trains and automobiles. Everything is in play.
Trusty also said theres a concept called substitute assets which allows the Feds to go after other minuscule fortunes such as cars, watches, and art even if they cant prove those materials were connected to a crime. They can get got as a substitution – as long as it relates to their overall reward.
Right now, the mogul is facing a slew of legal fees for his criminal trial and potentially hundreds of thousands in compensation once he goes to address the mounting pile of civil suits he faces. Hes currently on trial for charges including, racketeering conspiracy, sex trafficking and engaging in interstate transportation for prostitution. His indictment cites three anonymous victims in addition to Ventura. He has pleaded not guilty, and was denied bail.
