“Today is one of the best days of my life,” Combs declared as fans shouted “We love you Diddy!”

“Today is proof if you believe, all your dreams can come true,” Combs added, thanking late honorary mayor of Hollywood Johnny Grant, “who made all this possible.”

Sean “Diddy” Combs dedicated the star to his mother and grandmother, as well as his father Melvin who was shot dead in 1972.

“If it wasn't for my mother, I wouldn't be here," said Combs. "You can get a lot of honors, but there's nothing that means as much as the love of your mother. This right here, I hope it makes you proud Mom,” Combs said.

Combs lists Will Smith, Jamie Foxx and Denzel Washington as his greatest inspirations. His business interests include Bad Boy Records, the clothing lines Sean John and Sean by Sean Combs, a movie production company, and two restaurants.

He is recording executive, back up singer, performer, and producer of MTV's Making the Band, writer, arranger, clothing designer, and Broadway actor. “Diddy” is the third richest hip-hop mogul, having a net worth estimated at US $358 million.

In March 2008, an anonymous source claimed that the Notorious BIG and Combs knew about the attack on Tupac Shakur's before it happened. This information was published by the LA Times. However, it was later discovered that the information was not true.