Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records.
The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin. The acquisition was financed in part with an $18.5 million loan from Axos Bank.
The sale price is approximately $20 million higher than the property's recorded 2021 purchase price. Property records also indicate Combs continues to own the neighboring estate at 2 Star Island Drive.
The property traded in an off-market transaction, a common approach for many of South Florida's highest-priced residential sales, where privacy often takes priority over traditional public marketing.
Situated on approximately 1.3 acres at the entrance to Star Island, the estate offers roughly 240 feet of Biscayne Bay frontage and panoramic views of the Miami skyline. The property includes a two-story main residence and separate guest house totaling nearly 8,000 square feet of living space.
Originally constructed in 1940 and expanded in the mid-1990s, the compound features a private dock, swimming pool and spa, outdoor entertaining areas, and recreational amenities including a basketball court.
Before acquiring the property, the estate had long been owned by Gloria and Emilio Estefan, who used it as a guest residence while maintaining their primary Star Island home nearby. The couple sold the property to Combs in 2021 for $35 million, the purchase was financed with a $20.7 million loan from Bank of America.
The sale is the latest notable transaction on Star Island, where limited inventory and high-profile ownership continue to attract ultra-high-net-worth buyers. The approximately 30-home island remains one of South Florida's most exclusive residential addresses, with record-breaking sales and continued demand reinforcing its position among the country's premier luxury waterfront communities.
Images from previous PROFILEmiami coverage via The Jills Zeder Group at Coldwell Banker
Past PROFILEmiami coverage of homes on Star Island:
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Sean "Diddy" Combs has sold one of his two waterfront estates on Miami Beach's prestigious Star Island in an off-market transaction valued at $55 million, according to property records. The sale involves the bayfront residence at 1 Star Island Drive, a property Combs acquired in 2021 for $35 million. Public records show the seller was an entity tied to Combs, while the buyer is JFStar LLC, a Virginia-based company led by John A. Franklin.