Combs' eight-bedroom mansion boasts a 35-seat theater, gym, wine cellar, and a lagoon pool with an underwater tunnel that leads to a cozy grotto. Photo: LA Times; Diddy Inset: Getty Images

Hip-Hop music mogul and native New Yorker P. Diddy (née Sean Combs) recently expanded his bicoastal empire with the purchase of a brand new $40 million mansion in the exclusive Los Angeles enclave of Holmby Hills.

Get ready, Hollywood. The multi-platinum and multi-monikered rapper-producer who once employed an umbrella assistant to shield him from the rain, now owns a 17,000-square-foot West Coast estate to guard him from the California sun. And odds are, the well-connected music magnate (famous for hosting “The Real White Party,” the summer fundraiser where A-list stars and guests don bleach-white duds) will give the neighboring Playboy Mansion competition on the social circuit.

Sean Combs' new Holmby Hills villa (near the Playboy Mansion) features 17,000 square feet over an acre of land.

Built about six months ago on more than an acre of land, Combs’ two-story, European-style Holmby Hills villa spares no expense with eight bedrooms, 11 bathrooms, a 35-seat theater, gym, wine cellar, and the pièce de résistance—a lagoon pool with an underwater tunnel leading to a cozy grotto (let's call it Capri Jr.), according to the The Los Angeles Times. The estate also boasts a 3,000-square-foot guest house as well as a spa house with steam room, massage room, and a private beauty salon. After all, what’s Hip-Hop without vanity?

Combs reportedly snatched up his Holmby Hills home in an off-market deal. The newly-constructed estate was developed and sold on spec by mega-mansion titan Nile Niami (known for extravagant properties including another 85,000-square-foot Bel Air home with five pools that, when completed, will become the largest home in Los Angeles County). Drew Fenton of Hilton & Hyland/Christie’s International Real Estate represented the seller and Kurt Rappaport of Westside Estate Agency served as Comb’s agent, according to The Los Angeles Times.

Host Diddy and his daughter chat with Mötley Crüe drummer Tommy Lee at The Real White Party, an annual fundraiser attended by A-list celebrities.

Combs (as his Hip-Hop alter ego P. Diddy) usually “drops” new records, spirits, clothing lines or artists to the world. His overwhelming success now allows him to drop tens of millions on luxury estates. The 44-year-old also owns homes in New York, Miami, East Hampton, and likely wherever else he pleases. Three months prior to Combs' L.A. spending spree, fellow Hip-Hop producer Dr. Dre (of Beats headphones fame) also dished out $40 million for a Brentwood home purchased from NFL quarterback Tom Brady and supermodel Gisele Bundchen.

P. Diddy produced hits for Jennifer Lopez, Usher, the Notorious B.I.G., and Mary J. Blige.

Combs performs on stage as his alter ego, Diddy—a self proclaimed "bad boy for life."

Combs, the prolific Grammy Award-winning record producer—who introduced J. Lo (Jennifer Lopez), Mary J. Blige, Usher and The Notorious B.I.G. (Christopher Wallace) to the music game—has transformed his own notorious reputation by diversifying his entrepreneurial empire (which includes Bad Boy Records, Sean John apparel, a deal with Diageo’s Ciroc vodka and Revolt TV media with Comcast). He is even gaining some respectable reviews for his producing and acting in film, television and on stage—even if characters he portrays typically mirror himself. Combs is considered Hip-Hop’s highest earning entertainer (and likely its future first billionaire) with an estimated net worth of $700 million, according to Forbes.

Music mogul Sean Combs' $700 million net worth has many predicting he will emerge as Hip-Hop's first billionaire.

Having swapped monikers four times (from Puff Daddy, to Puffy, to P. Diddy, to Diddy), marketing is a key ingredient to Combs’ success. This reinvention has been a badge of honor following high-profile infamous incidents—the most nefarious being criminal gun charges following a night club altercation. Combs ultimately was found not guilty of all charges. Following these prior indiscretions, Combs ditched his "notorious" reputation in favor of the B.I.G.—as in B.U.S.I.N.E.S.S. and M.A.N.S.I.O.N.S.

Diddy's reputation as a modern day Great Gatsby was enhanced by his umbrella assistant, Fonzworth Bentley.

The self-proclaimed (in song) “bad boy for life” is giving “good” a shot. But come rain or shine, Combs’ Holmby Hills mansion still can’t completely shield him from the greatest threat to rain over all celebrities—the paparazzi. But the tunnel-grotto just might be the best celebrity escape yet.

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