Master P is a big proponent of entrepreneurship and property, and his great wealth is proof that he is a shrewd businessman.
Master P sat down with TV One’s documentary series UNCENSORED to discuss how he retired from New Orleans’ Calliope real estate projects and amassed a net worth of $200 million.
The Southern-bred rapper, real name Percy Robert Miller, had originally hoped to make it to the NBA; however, an injury derailed his dreams when he attended the University of Houston on a basketball scholarship. Master P then enrolled at Merritt Junior College in Oakland, Calif., and took business classes, according to Celebrity Net Worth.
In 1990, his grandfather died in a work accident that awarded P a $10,000 malpractice paycheck which he later used to start a record store and launch his label, No Limit, which has become one of the most notable independent labels according to The New York Times.
In the 1990s, Miller negotiated for his No Limit Records to retain 100% ownership of all his master records and receive 85% of sales when he signed a distribution deal with Priority Records, Yahoo reports.
Miller understands that such contract terms are not easily obtained from upcoming artists. Still, he advises, “Get at least some of the coin,” he said in an interview with Yahoo Finance’s Jen Rogers for Yahoo Finance. My three cents . “It has to start with owning property, owning your business.”
P’s firm entrepreneurial spirit allowed him to reach millionaire status before he was 30 years old. Today, his conglomerate is home to a clothing line, a branded cereal called Master Crunch in partnership with Wheaties, a food line called Rap Snacks, a film production company, a sports management company, and a travel agency. Miller reportedly owns 45 businesses and 31 properties, Basketball Noise reports.
Miller is also looking to complete an acquisition deal with NBA All-Star Baron Davis to procure Reebok for a staggering price estimated at $2.4 billion, according to Forbes.
“I think anyone who wants to get into business has to understand that you have to commit if you want to be an entrepreneur,” Miller told Yahoo.
TV One’s UNCENSORED: Master Pairs on Sunday, March 20 at 10 p.m. ET/9c.