P Diddy isn't one to go easy on his money. As a matter of fact, there is nothing that will stop him from spending thousands, even when it comes to plastering his face all over fake $100 bills. How sad.

P Diddy threw an extravagant $107,000 party in London.

The rap mogul took over the exclusive Paper nightclub on Tuesday, spending a staggering $47,000 on alcohol alone.

P Diddy's bar tab included 17 magnums of Moet Rose and Dom Perignon champagne and two six-liter bottles of Sputnik Vodka. Guests were also handed special "Diddy Dollars" - fake $100 bills bearing the rapper's face.

A host of celebrities attended the bash, including Sienna Miller, Black Eyed Peas singer Fergie - who was celebrating her 32nd birthday - and Girls Aloud stars Cheryl Cole and Kimberley Walsh.

Speaking from the stage, Diddy said: "There is no VIP area tonight. Tonight you're all VIPs. It's a celebration b****es. We'd better get enough champagne to get these motherf***ers drunk. Everybody drinks tonight. If you haven't come to party, get the f**k out!"

Diddy thrilled revelers with an impromptu performance of his hits, and was the life and soul of the party before ending his night at 2.30 a.m.

Diddy flew into London this week to perform a show with fellow rapper Snoop Dogg, but was forced to cancel their concert after Snoop was barred from entering the U.K. following a brawl at London's Heathrow airport last year.

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