Not that it’s crucial query surrounding Sean “Diddy” Combs’ federal intercourse crime trial however… what would occur to the rapper’s fortune if the jury returns with a responsible verdict? Since being locked up, the mogul has misplaced tens of millions. An skilled weighs in to present their concept on whether or not a conviction would make his value drop even decrease.
Forbes beforehand reported that Combs’ internet value was at $400 million following a critical drop from the $740 million that led the rapper to tout that he was a billionaire. The Unhealthy Boy CEO had simply listed his $61 million Los Angeles mansion on the market after it was raided by the Division of Homeland Safety.
He additionally tried to promote his $48 million mansion in Miami to assist meet potential bail, just for his bond to be denied, per USA TODAY.
As The Root beforehand reported, Combs offered his possession rights to some albums made with Warner Music Group for $30 million, he stepped down from chairman of REVOLT and offered his stake within the firm to an nameless bidder.
Regardless of his monetary L’s, Combs nonetheless has the whole lot of Unhealthy Boy Information, Combs Enterprises, a non-public jet, alcohol strains, and an artwork assortment holding Basquiat and Keith Haring items. Nonetheless, all these belongings are susceptible to being seized by the federal government if the jury finds him responsible, per an skilled.
Former Chief of the DOJ’s Organized Crime and Gang Part Jim Trusty tells CNN all Combs’ belongings are truthful recreation – that’s if the asset will be confirmed to contribute towards Combs’ alleged crimes.
“This can be a very very broadly phrased forfeiture allegation. Usually you see issues they’ve already gotten their hooks into. So it’s mainly simply saying whether it is an instrumentality or a proceed, we’re going after it,” stated Trusty. “They usually’ve named the enterprise in a really broad approach. The RICO is basically something he touched in his enterprise world whether or not it’s document labels, liquor labels, planes, trains and vehicles. Every little thing is in play.”
Trusty additionally stated there’s an idea referred to as “substitute belongings” which permits the Feds to go after different minuscule fortunes corresponding to vehicles, watches, and artwork even when they will’t show these supplies had been related to a criminal offense. They’ll get acquired as a substitution – so long as it pertains to their general reward.
Proper now, the mogul is going through a slew of authorized charges for his felony trial and doubtlessly a whole lot of 1000’s in compensation as soon as he goes to handle the mounting pile of civil fits he faces. He’s at present on trial for fees together with, racketeering conspiracy, intercourse trafficking and interesting in interstate transportation for prostitution. His indictment cites three nameless victims along with Ventura. He has pleaded not responsible, and was denied bail.