Puff Daddy 'purchases massive $40m Holmby Hills estate near Playboy Mansion in exclusive LA neighbourhood'

Entreprenuer: The mogul has many successful business ventures aside from his music fortunes which encompass a clothing line, vodka brand and digital cable television network
Puff Daddy is reportedly the newest homeowner in the prestigious Holmby Hills neighbourhood.

The music mogul, who's estimated net worth is $700m, recently closed escrow on a $40m estate in the exclusive Los Angeles enclave where Michael Jackson died and where Hugh Hefner currently resides.

According to the Los Angeles Times, the property comes with a 17,000-square-foot two-story main house and 3,000-square-foot guesthouse. 

Lavish grounds: The more than one acre grounds comes with a 17,000-square-foot two-story main house and 3,000-square-foot guesthouse

Puff Daddy, 44, acquired the sprawling European style villa which houses eight bedrooms and eleven bathrooms.

The lavish amenities include a steam room, massage room, beauty salon, 35-seat theater, gym and wine room.

And TMZ reported the house is brand new and was only built six months ago.

Diddy will soon be relaxing in the lagoon style swimming pool that comes with a grotto connected by an underwater swimming tunnel

The father-of-five has been in the market for a place to live in the area for many years now.

He has many successful business ventures aside from his music fortunes which encompass a clothing line, vodka brand and digital cable television network.

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