Diddy is famous for many things, one of them being the lavish parties he throws. But Jamie Foxx had the unique pleasure of throwing a party for the Bad Boy Records founder for cheap.

During his chat on the Late Show With Stephen Colbert, the Oscar-winning actor tells the story about coordinating a party for Diddy (then known as Puff Daddy) back in the early 2000s. It all started when Foxx used to film the rapper-producer partying in Los Angeles.

“[Diddy] threw a party and said, 'Yo, playboy, this party cost $1.5 million,'" Foxx recalled, which prompted him to offer to host a party for the music mogul for only $400.

Diddy didn’t believe him at first but took him up on his offer, and Foxx made it happen. “I called up 200 of the coolest people," he said. Among the partygoers were Missy Elliott, Pharrell Williams, and JAY-Z.

When Diddy arrived at the party, which took place at Foxx’s spacious mansion, he was impressed. Foxx told Diddy that he had Kentucky Fried Chicken on a beautiful plate and Coca-Cola in a pitcher. Even more impressive was the total cost of the shindig.

"We're at 208 bucks, and we are killing it right now," said Foxx.

At the party, Foxx also met a then-unknown rapper with a busted jaw named Kanye West. It was there he recorded "Slow Jamz,” a future No. 1 hit single. But the recording session didn’t go so well.

"In my mind, I'm thinking, 'This song is whack. He ain't gonna make it,'" said Foxx. "I begrudgingly sing the song, went off and did a bad movie for like eight weeks, came back, and when I came back, the song was number one in the country."

Foxx tells a slew of anecdotes on the show. Check out how he came up with his famous name below.

Watch Jamie Foxx Explain the Origin of His Name "Jamie Foxx" on Stephen Colbert

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