Dept. of Excess: P. Diddy's Sweet 16 to His Son

The 16th birthday party Sean "P. Diddy" Combs threw for his son was some bash—1,000 guests, a New York City venue, performances by Fabolous and Lil' Kim, and MTV cameras filming it all. Then there was the gift the proud papa gave to his son—a $10,000 check and a $360,000 silver Maybach.

The Maybach, perhaps the single-greatest display of disposable wealth, seems a bit over the top, even for a showman like Combs. What kid really needs a car like that? And what kind of a potential PR problem does it send when you give such a gift and pay for such a party soon after an earthquake decimated Haiti's capital? To be fair, Combs encouraged party guests not to bring gifts but instead to donate to Haitian relief efforts. And Combs' son, Justin, donated his $10,000 present to the cause.

But still I'm left to wonder what a party like this means today? Is it a sign that happy days truly are here again, or at least coming around the bend very soon? Or is it just the latest high-end event from a man who truly knows how to party?

The whole affair had me digging back into the archives of Condé Nast Portfolio, a magazine born in the best of times and died when the economy crumbled. In the very first issue of Portfolio, Alexandra Wolfe profiled three Jewish 13-year-olds who celebrated their rites of passage in high style.

Total cost for these bar and bat mitzvahs: $3.7 million.

As my father once said, rich or poor, it's nice to have money.

Click here to read the story, Mazel Top This, from the inaugural issue of Condé Nast Portfolio.