Jamie Foxx is a late night hot seat favorite, and he recently stopped by Colbert to talk about, among other things, teaching Diddy how to party on a budget. After starting a friendship with the rap mogul by posing as a videographer, they started partying together more frequently, including parties Diddy himself would throw.

"I would hang out and watch him throw parties. ... He threw a party and said 'Yo playboy, this party costs a million and a half dollars.' I'm like, 'you are out of your mind,'" he said. "I said 'Puff, I will throw you a party for 400 bucks that will rival this party.'" Foxx says Diddy was a bit offended at first but eventually went along with it the next time he was in Los Angeles. "He called and said 'Yo, playboy I'm in town. Make it happen,' so I said 'cool,'" he said, adding that he went on to invite "200 of the coolest people" before Diddy finally arrived.

"I said 'Puff, look over there on the dinner table, I got Kentucky Fried Chicken. I put it on a nice plate...I got Coca-Cola. I put it in a pitcher. We are at $208 and we are killin' it right now,'" he said.

Besides Diddy, other guests at the party included Missy Elliot and apparently then-unknowns Jay Z, Kanye West, and The Neptunes. He doesn't specify what year the party took place, but since Kanye's come-up would have happened several years after Jay Z and The Neptunes were already established, he might be blending a few crazy party memories together. Foxx says he hosted plenty of his infamous house parties back in the day with a specific goal in mind. "I was trying to get in music at that time, so I would throw parties for a reason, and because [Diddy] was so famous in music, I had a studio in my house," he explained.

Of course, Foxx would find his way from acting to music and go on to win tons of awards, so it looks like the parties were all worth it.

Watch the clip above.