Diddy spent over a year looking for the perfect L.A. party pad with the help of mega-realtor Kurt Rappaport, and it seems he's finally settled on the perfect place. TMZ reports that the music mogul closed escrow on a $40 million mansion in Holmby Hills, California. 

The incredibly impressive home features 8 bedrooms and 11 bathrooms, spread over 17,000 square feet. There's also a 3,000 square foot guest house, and if that wasn't enough, the property boasts a spa house where guests can chill in the steam room, get a massage, or get primped in the hair salon. 

Oh, and did we mention the lagoon pool and grotto? Diddy's definitely living the life that dreams are made of. 

Check out an aerial view of his new pad in the above slide. 

Source: TMZ