P. Diddy - real name Sean John Combs and also known as Puff Daddy or simply Diddy - just got himself a new house worth $40 million.

The newly purchased European-style villa in the Holmby Hills area of Los Angeles has around 17,000 square feet of living space in a two-story main house and a 3,000 square feet guest house, TMZ reported.

The mansion has 8 bedrooms and 11 bathrooms,a 35-seat theater, a gym and a wine room.

A real haven especially for the ladies, the property also includes a separate spa house which has a steam room, massage room and a beauty salon, XXL Magazine has learned.

Of course the more than one acre estate would not be complete without a lagoon-style swimming pool and a grotto connected by an underwater swimming tunnel.

Diddy's new crib is reportedly brand new - built just six months ago.

The hip hop mogul's neighbors include Formula One heiress Petra Ecclestone Stunt and the Playboy Mansion. The house is also located Michael Jackson's former home.

Paying $40 million for his new property is no big deal to the Grammy winner whose net worth is estimated by Forbes to be $700 million.

Diddy reportedly amassed such fortune by producing hit records and developing other talents including the Notorious B.I.G. and Mary J. Blige. He then went to establish Bad Boy Records and began releasing his own albums.

Aside from his music ventures, the 44-year-old also owns the Sean John clothing line. Combs has also tried his hands on television as an actor and producer.

The off-market buy-out happened outside the Multiple Listing Service, according to the Los Angeles Times.

Drew Fenton of Hilton & Hyland/Christie's International Real Estate is said to have represented the seller of the property while Kurt Rappaport of Westside Estate Agency was Combs' agent. The rapper was reportedly on the hunt for a Los Angeles home for years.