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A new home in Los Angeles' star-studded Holmby Hills neighborhood was only completed six months ago, but the property is already off the market. According to The L.A. Times, Diddy recently dropped $40 million on the 17,000-square-foot mansion.

The sprawling structure is modeled after a European villa and includes a 35-seat theater, a gym, a spa, and a wine room. Outside, there's a lagoon swimming pool and grotto connected by an underground swimming tunnel. 

Diddy will be in good company in his new spot. Holmby Hills is the former neighborhood of Michael Jackson, and the area is also home to the Playboy Mansion.

While we imagine that Diddy's mansion is pretty much empty at the moment, he has been amassing a large art collection with help from lifestyle advisor Maria Brito over the past few years. Perhaps his famous Tracey Emin purchase will grace one of the eight bedrooms in his new property. Or maybe he'll buy Cory Arcangel's GIF portrait of himself to hang on his new walls.

[via TMZ / LA Times]