Police took the socialite into custody in April (11) after they were called to a nightclub in Hollywood to investigate allegations he had punched comedian Ben Gleib in the face.
Cops searched Davis and found cocaine in his pocket, according to reports.
Last month (May11) the 31 year old entered a not guilty plea to one misdemeanour count of battery and one count of felony possession of a controlled substance.
But in court on Tuesday (28Jun11) he pleaded guilty to the drug charge and no contest to the battery count, reports TMZ.com.
A judge has now ordered Davis to take part in a drug diversion program - and if he completes it successfully he will face no further punishment.
The socialite was taken into custody after police were called to the Roosevelt Hotel to investigate allegations the 31 year old punched comedian Ben Gleib. Cops allegedly found cocaine on Davis' person.
Davis entered a not guilty plea this week (08May11) to one count of felony possession of a controlled substance and one misdemeanour count of battery, according to TMZ.com.
He is due back in court on 19 May (11) and faces three and a half years behind bars if convicted on both counts.
Davis' latest court date came just days after his brother Jason pleaded not guilty to heroin possession following an arrest in January (11).
The socialite was taken into custody after police were called to the Roosevelt Hotel following reports of a bust-up between Davis and comedian Ben Gleib.
Davis is accused of punching the funnyman in the face after being denied entry to vaudeville show Beacher's Madhouse, which features David Arquette and Kelly Osbourne.
A cop search allegedly found drugs on Davis' person and he was taken to a local police station, where he was booked for battery and possession of a controlled substance, according to TMZ.com.