Did Diddy Tell A Fib?

Mogul Sean 'P Diddy' Combs has forced the seller of his new mansion to pay staggering taxes, by telling the press he paid the full asking price.

Sources report that Diddy actually paid $6.8 million and not the $10 million he insists he paid for the lavish New Jersey property. "The inflated $10 million purchase price was floated by the broker."

Unfortunately, this presents an IRS problem for the poor guy who sold the house to Diddy, since he would have to pay taxes on $10 million instead of the actual $6.8 million purchase price.

Diddy's representative issued the following: "The terms of the deal are confidential, but I can confirm that the dollar figure reported is a good representation of the full economic deal. We have no knowledge of tax ramifications on the part of the seller and we have no idea whether or not that is true."

In other Diddy news, the long-awaited Sean John flagship store on 41st and Fifth Avenue is barreling toward Fashion Week's August 29th kick off in New York City. In addition to the Sean John line, the store will also offer a full range of sunglasses, men's accessories, small leather goods, fragrances, men's grooming products and an exclusive line of home decor and accessories.