LOS ANGELES, CA - JUNE 29: Rapper Dr. Dre performs during the Snoop Dogg, Kendrick Lamar, J.Cole, Miguel and SchoolBoyQ  conc
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As Apple closes in on buying Beats By Dre for a reported $3.2 billion, it's looking like Dr. Dre is about to topple Diddy as the wealthiest man in hip hop.

And what's more, the West Coast legend is about to become the first billionaire in hip hop. Not bad for a kid from West Compton who had to transfer high schools due to weak grades.

Although the deal isn't finalized yet, The Chronic maestro was celebrating hard last night. "The first billionaire in hip hop, right here from the motherf—king West Coast!" Dre triumphantly declares in a video hosted on TMZ.

Just weeks ago, Forbes released its annual Richest Artists in Hip Hop list, and for the second year in a row, Diddy nabbed the top spot thanks to an astounding $700 million net worth. But thanks to the impending sale of Beats Electronics—which Dre co-founded with Interscope Records chairman Jimmy Iovine—Dr. Dre just upped his fortune from a mere $550 million to more than a billion dollars.

In fact, Dr. Dre is now one of just two billionaire musicians in history. Composer Andrew Lloyd Webber is valued at $1.2 billion, while Paul McCartney only counts as a billionaire if you're including the millions his wife, Nancy Shevell, brings to the dinner table.

So congrats to the billionaire Straight Outta Compton! Maybe you and the guy behind the Cats musical should start hanging out.