Green’s Dictionary of Slang

1. an older man who is willing to provide the various material wants of a younger mistress or, if gay, a younger male lover.

1966		Trimble 5000 Adult Sex Words and Phrases.
1972		B. Rodgers Queens’ Vernacular.
1989–2003		R.O. Scott Gay Sl. Dict. 🌐 angel: [...] Synonyms papa gateau; Santa Claus.

2. (US black) a vulgar, gaudy and tasteless dresser.

1980

E. Folb Runnin’ Down Some Lines 42: Rainbow, color guard, christmas tree, Santa Claus [...] refer specifically to a person who wears too many colors.