P. Diddy has denied living to excess, insisting he “doesn’t even like caviar”.

The music mogul claims there are many misconceptions circulating about his lifestyle. While he is renowned for throwing extravagant parties and splashing his cash, Diddy claims he remains down to earth.

“I like nice things, but life's pretty normal around here. People think, 'Oh, Diddy's probably running around his mansion spooning caviar into his mouth,'” he laughed during an interview with Los Angeles Confidential magazine. “I don't even like caviar.”

Diddy has amassed a fortune of around $550 million through various business and entertainment ventures. As a successful rapper, record producer, actor and entrepreneur, the star says the most rewarding part of his work is finding new talent.

Diddy loves mentoring up and coming stars and passing on his experience.

“It’s really like a spiritual type of experience, making that connection with someone,” he explained. “You get these goose bumps when you encounter a diamond in the rough. You see potential. You see possibilities unfolding before your eyes. It helps me to help them.”

The 43-year-old star also spoke about his children. He has five children with three different women and confesses he can’t help spoiling his kids.

“A lot of people say ‘yes’ to me, I admit that,” he said of lavishing his children with gifts. “But I’m blessed by how much the mothers of my children love to tell me the truth. They don’t let me get away with anything! I don’t make apologies for what I have. Especially in these economic times, it’s an achievement to have financial success.

“If part of that is to spoil your kids, to give them things, it’s okay, as long as they appreciate what they have.”