Diddy, the Fashion Judge

Famous rapper Sean Combs, who has recently announced his new name, DIDDY, will offer a big cash prize to the "best dressed" stars present at the tha major event he will host in Miami Beach, Florida

"This is the Diddy fashion challenge. I'm gonna give you the cash that night... There's gonna be a fashion war", said the rap mogul-turned-designer.

Diddy will give a $50,000 (GBP27,800) award to each of the stars he judges the best dressed man and best dressed woman on the red carpet at MTV Video Music Awards, on August 28.