So when hip-hop mogul Sean ‘P Diddy’ Combs hit the landmark age, he splashed out on a lavish, star-studded party at the iconic Plaza Hotel in New York.

The father-of-five spent $3million (£1.8million) on the ‘party of the century’ at the hotel’s famous Grand Ballroom on Thursday.

Make a wish: Sean ‘P Diddy’ Combs blows out the candles on his birthday cake at his 40th bash at the Plaza Hotel in New York on Thursday

In keeping with the black and white theme of the bash, which had been sponsored by his own vodka company, Diddy was presented with a tiered black and white birthday cake featuring his initials on a shield.

Celebrity guests from the worlds of hip-hop and Hollywood gathered for the epic party, which lasted long into the early hours of Friday morning.

The partygoers included Jay-Z, Denzel Washington, Estelle, Kim Kardashian, Rachel Hunter, Black Eyed Peas rapper Taboo and Nelly.

The perfect host: Diddy pours vodka into the guests’ champagne flutes

Family man: Diddy with his sons Justin (far right), 15, and Christian (front), 11 and his on/off girlfriend Kim Porter’s son Quincy (2nd right), 17

The 500 guests quaffed champagne and vodka and were treated to a performance of ‘Love and Happiness’ by soul singer Al Green.

Diddy also spent £18,000 on white orchids and specially arranged for a black chandelier to hang over the dancefloor.

Writing on his Twitter micro-blogging page the morning after, he said: ‘I haven’t had a hangover in five years! But I have one now! What do I do?’

One reveller said: ‘He really pushed the boat out for this one – and then some.

A hug for the birthday boy: Jay-Z hangs on to his pal, who looks a tad worse for wear

Carnage: Diddy looks in high spirits as she dances with his friends

‘It was an amazing party and Diddy was on great form.’

Rap mogul Russell Simmons said: ‘Some people start at 19, [by] 26 they’re done. He’s 40. He’s better than he’s ever been.

‘He’s hotter now than ever. I just watch him. He keeps getting better. He never changes with the hustle. He branches out in different areas, opens new doors. He’s an inspiration.’

Hot In Herre rapper Nelly added: ‘It’s incredible, he’s one of my biggest inspirations in this. He does the most in everything, probably working with the least. He maximizes it to the max. You see somebody doing that, how can you not want to be inspired by it?’

Ready to party: Kim Kardashian (left) and English singer Estelle attended

Glamour: Kiwi model Rachel Hunter (left) and American Pie actress Shannon Elizabeth looked sleek in their figure-hugging dresses

Among the many guests were some of Diddy’s family members, including his mother Janice Combs and two sons Justin, 15, and Christian, 11.

Diddy also has three daughters, twins D’Lila Star and Jessie James, two, and Chance, three, who were sensibly deemed too young to join in the adult party.

Also in attendance was Diddy’s on/off girlfriend Kim Porter, mother of Christian and the twins, fuelling rumours they have reunited.

Porter dated Diddy before his infamous two year relationship with Jennifer Lopez, before reuniting again in 2003. They split again in 2007 after it was revealed the rapper had fathered his daughter Chance with Sarah Chapman during their relationship.

Diddy’s ladies: The rap mogul’s protogee Cassie, with a friend, (left) and his mother Janice Combs

Revealing: R&B singer Keri Hilson (left) and rapper Lil’ Kim wore tight-fitting dresses and high heels

Diddy’s protogee Cassie, who has frequently been romantically linked to the birthday boy, also attended.

Ahead of his party, Diddy hired celebrity event planner Bronson Van Wyck to transform the 1920s ballroom into a ‘fantasy dreamland’, featuring a maze, fashion shows and performance art installations.

Guests at the party were greeted by ballerinas carrying trays of drinks.

Other guests included director Spike Lee, Lil’ Kim, Keri Hilson, American Pie actress Shannon Elizabeth, lifestyle guru Martha Stewart and talk show host Jimmy Fallon.

Celebration: Black Eyed Peas rapper Taboo stopped by to wish Diddy a happy birthday

Representing Hollywood: Comedian and talk show host Jimmy Fallon (left) and Oscar winner Denzel Washington