Sean Combs spends $40 million for newly built mansion

Sean John Combs, aka Puff Daddy, P. Diddy or just plain Diddy, has bought a newly built mansion in the Holmby Hills area of Los Angeles for $40 million.

Completed this year, the European-style villa has about 17,000 square feet of living space in a two-story main house with a 35-seat theater, a gym and a wine room. There’s another 3,000 square feet in another structure.

The more than one acre of grounds includes a lagoon-style swimming pool with a grotto connected by an underwater swimming tunnel.

The diversified hip-hop mogul paved the way to his fortune, pegged at north of $700 million by Forbes, by producing hit records and developing other talent such as Mary J. Blige and the Notorious B.I.G. He then founded Bad Boy Records, started releasing his own albums and launched his Sean John clothing line. The 44-year-old has also worked as a television producer and an actor.

The Grammy winner’s new neighbors include the Playboy Mansion and Formula One heiress Petra Eccelstone Stunt.

The off-market purchase took place outside the Multiple Listing Service.

Real estate agents not involved in the deal or authorized to comment on it identified Drew Fenton of Hilton & Hyland/Christie’s International Real Estate as having represented the seller and Kurt Rappaport of Westside Estate Agency as Comb’s agent.

Twitter: @LATHotProperty