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hellomagazin.com has the story and pictures. According to Times Online, he may also be eying a Formula One racing team.

Is P. Diddy planning to buy a Formula One team?

Apparently so. The rapper made the announcement to guests at a dinner to launch his new perfume, Unforgiven. It seemed to be more than bravado on his part, reports one guest, adding that Diddy had previously spent much of the evening huddled in a corner with Lewis Hamilton, the youthful British racing star. Still, Diddy is known for being an impulsive chap. Pink-and-gold pimpmobiles may indeed roar around Silverstone. Alternatively, he may end up with a bling Scalextric.

The articles both mention that he's launching his new fragrance, "Unforgiven"... but, I'm thinking this is just Unforgiveable as there would be more press if he was actually launching a new fragrance.