Sean "Diddy" Combs sold his waterfront estate at 1 Star Island Drive in Miami Beach for $55 million on July 14, an off-market transaction that closed while he is serving a 50-month sentence at FCI Fort Dix in New Jersey and netted him a $20 million profit on a property he bought from Gloria and Emilio Estefan for $35 million in 2021.
The buyer is JFStar LLC, a real estate holding company led by Virginia Beach executive John A. Franklin, who financed the purchase with an $18.5 million mortgage from Axos Bank.
The nearly 8,000-square-foot estate on a 1.3-acre bayfront lot features six bedrooms, eight-and-a-half bathrooms, a two-story main home, a guesthouse, a pool, spa and private dock with 240 feet of water frontage. It was built in 1940 and expanded in 1995.
The sale did not go smoothly. Franklin filed a lawsuit against Combs' company in May 2026 after the agreed closing date came and went with title issues unresolved.
Combs' legal team fired back calling the suit frivolous. The dispute was resolved out of court, the lawsuit was voluntarily dismissed on July 2, clearing the path for the closing twelve days later.
Note that this is not the Star Island property raided by Homeland Security in March 2024. That was 2 Star Island, the nine-bedroom main estate Combs bought from Tommy Mottola in 2003, which is adjacent to the one now sold and which Combs still owns. His projected release date is February 23, 2028.