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YOUR MAMA’S NOTES: After a years long search with one of the Platinum Triangle’s most successful brokers, Sean Combs — aka P. Diddy or Puff Daddy or Diddle Fiddle or whatever self-applied moniker the entrepreneurial music, fashion and liquor mogul goes by nowadays — has dropped forty million for a newly built mansion on one of L.A.’s premier residential streets in the Holmby Hills as was first revealed by the ever-busy celebrity property gossip beavers at the L.A Times,. The deal went down quietly and off-market in early August for, according to property records, $39 million.

The property was sold, according to property records and several our Your Mama’s tattletales by L.A.-based über-luxury developer Niles Niami who purchased the property in May 2012 for $13,750,000. Mister Niami, as is his professional inclination, gave the entire property a complete overhaul. Out went the 13,421-square-foot 1930s ear mansion in its place is an even larger and lavishly luxurious European villa of about 17,000 square feet with 8 bedrooms, 11 bathrooms plus a 35-seat theater, a fitness room and wine storage room. There’s an additional 3,000 square foot guest house and, so spilled the gossips at TMZ, a separate spa pavilion with steam room, massage area and full-service beauty salon because a man like Mister Combs does not, children, get his hair trimmed or his toenails clipped in a public salon. Anyhoodles, poodles, a sunken tennis court was removed and the old pool replaced with a new-fangled lagoon style number complete with a grotto and underwater swimming tunnel.

The gated and — you can bet the farm on it — thoroughly fortified 1.3-acre estate backs up to an even larger one owned by fashion veteran Max Azria and other high profile peeps in the neighborhood include Google billionaire Eric Schmidt, director Ridley Scott and Formula One Racing heiress Petra Ecclestone Stunt who famously paid $85 million for the former megamansion of Candy and Aaron Spelling. Thirty nine million clams is a shit-ton of money for a single-family house, to be sure, but the Grammy winner’s new manse is surrounded by equally expensive properties. Just a few months ago Napster co-founder Sean Parker paid Ellen DeGeneres and Portia Di Rossi DeGeneres $49.5 million for the legendary Brody House — and not the widely reported $55 million — and a 30,000-square-foot spec-built megamansion down the street from Mister Diddy’s ndw digs was sold in April — also by Mister Niami, mid y’all — for $44 million to a foreign but otherwise as yet unidentified buyer.

Aerial photo: via TMZ