Living the good life:P diddy purchases 40 million dollar estate.

Hip hop business mogul and elitist,Diddy has moved his status up a couple notches.Celebregion has learnt the record label owner just closed a deal on a $40 million estate in one of the most exclusive parts of the city.

The mogul now owns a European villa in Holmby Hills in the area where Michael Jackson died.  The estate has 8 bedrooms and 11 bathrooms. The main house is 17,000 square feet with a 3,000 square foot guesthouse. And, there's a separate spa house that has a steam room, massage room and beauty salon.

Living the fabolous life.You can't ask for more.