Diddy’s New Nest: Diddy Buys Emilio & Gloria Estefan’s Old Estate For $35 Million

Diddy has been revealed as the mysterious buyer who purchased Gloria Estefan and Emilio’s Miami mansion for an impressive $35 million.

Previously, in July, it was reported that Estefans had sold their property, but the identity of the buyer wasn’t revealed at the time. The couple originally listed the property in 2015, Town and Country Magazine reports.

RELATED: Paul Anka To Continue With Sold-Out Tour Despite Coronavirus Concerns

The property was on and off the market for six years, and the Estefan’s asking price fluctuated. At its highest, the pair were seeking $40 million for the property. But they eventually brought the price down to $27.9 million in May 2020 following the onset of the coronavirus pandemic.

Now, TMZ revealed that the identity of the anonymous buyer is rapper and music producer Diddy.

A post shared by LOVE (@diddy)

The mansion is almost 8,000 square feet and sits on 1.34 acres of land. It features six bedrooms and ten bathrooms, while boasting a waterfront view of the Miami skyline. Other interior details include marble and hardwood flooring, arched doorways, and a piano room.

The property also comes with a two-story guest house with three bedrooms, and various other features, like a jacuzzi, electric boat lift, gazebo, and 24-hour security.

But it’s not only the amenities that explains the property’s high price tag. It’s situated in one of the most desired locations in Miami, Star Island, an exclusive, man-made island in Biscayne Bay beach known for its turquoise waters.

A post shared by LOVE (@diddy)

There are only four dozen properties on Star Island. It’s been home to many high-profile celebrities over the years, including Shaquille O’Neal, Cher, Jennifer Lopez, Ricky Martin, and Rosie O’Donnell.

Emilio and Gloria Estefan originally purchased the property in 1993 for approximately $1.8 million. This wasn’t intended to be their primary residence, however, as the couple owned another property on Star Island, which remains their primary residence.

Sun Sentinel explains the Estefans originally bought the property for Emilio’s mother. After her death, they rented it out for approximately $300,000 per month before making the decision to sell.

A post shared by LOVE (@diddy)

Diddy may have big plans for the property. TMZ notes that he’s owned the house next door since 2003, and the outlet suggests he may be thinking of combining the two properties.

As of now, however, the rapper is reportedly enjoying time in his $65 million yacht. Auto Revolution notes he’s been taking an extended vacation off the coast of Italy on the luxurious yacht, which spans 177 feet and features six luxury suites to accommodate twelve guests.

Sources: Town and Country Magazine, TMZ, Sun Sentinel, Auto Revolution

Source: Read Full Article