Puff Daddy Buys $40 Million Mansion Close To Where Michael Jackson Died

Puff Daddy, or P.Diddy as he's now known has reportedly closed a deal to own on a sprawling European-style villa in Holmby Hills, Los Angeles, close to where Michael Jackson died.

The 'Last Night' hitmaker's 17,000 square-foot estate, which was built six months ago, boasts eight bedrooms, 11 bathrooms, a 35-seater cinema, wine cellar, gym and a lagoon-style pool with a underwater tunnel leading to a grotto, according to the Los Angeles Times newspaper.

There is also a separate 3,000 square-foot guesthouse on the grounds and a spa house that features a steam room, massage room and private beauty salon.

The 44-year-old hip-hop star, who has an estimated fortune of $700 million, now counts the Playboy Mansion and Formula One heiress Petra Eccelstone Stunt among his neighbours.

The Grammy Award-winning artist, who is based in his native New York City and also owns a home in East Hampton, has been on the hunt for his dream home in Los Angeles for many years.

His extravagant purchase comes just three months after fellow rapper and producer Dr. Dre splashed out $40 million on a house in California, which he purchased from Gisele Bundchen and Tom Brady in Brentwood.