One of Sean “Diddy” Combs’ Star Island estates in Miami has changed hands in a $55 million deal, as the music mogul continues to serve his 50-month federal prison sentence for his conviction on two counts of prostitution-related charges.
The waterfront mansion, located at 1 Star Island Drive and purchased by Combs in 2021 for $35 million, has been sold in an off-market transaction. The buyer, John A. Franklin, is financing the purchase through an $18.5 million mortgage from San Diego-based Axos Bank.
The 1 Star Island estate is one of two properties Combs owns on Star Island, the other located at 2 Star Island, which was raided by Homeland Security as part of a federal investigation that included sex trafficking allegations against Combs. The mogul still owns the 2 Star Island estate, which he purchased in 2003.
According to a court filing, the 2 Star Island (also listed as 2 W Star Island Drive) estate was previously included as a central asset in Combs’ unsuccessful effort to secure pretrial release following his September 2024 arrest on federal sex trafficking charges.
Located on the exclusive Miami Beach enclave, the 1 Star Island estate, which was previously owned by Gloria Estefan and Emilio Estefan, includes a six-bedroom, eight-and-a-half-bathroom house on more than an acre of waterfront property, as well as a guest house.
According to The Real Deal, the estate features luxurious amenities, including a swimming pool, private dock, guesthouse, basketball court, spa, and views of the Miami skyline. The property underwent extensive renovations following Combs’ purchase of the residence.
Ahead of his September 2024 arrest, Combs paid off nearly $19 million of the remaining balance on the 2 Star Island property’s mortgage. His attorneys argued that doing so ensured the mansion could be pledged as collateral in a proposed bail package. “In anticipation of this bail hearing, on Aug. 20, 2024, Mr. Combs paid off the remaining mortgage of about $18,000,000 so that the home could be used to secure a bond and be free of a mortgage.”
Despite that effort, a federal judge denied Combs’ request for bail. The proposed package also included his mother’s Miami home as additional collateral. In June, Franklin filed a lawsuit against 1 West Star Island LLC, a company attached to Combs that owns the Star Island property he’s since purchased. In the filing, Franklin accused the company of not being “ready or able” to move forward with the deal, which was set to close on May 12. A rep for Combs denied Franklin’s allegations regarding the sale, calling the lawsuit “frivolous.”
“1 West Star Island, LLC was ready and on standby to close the transaction on the date agreed,” the rep said in a statement to TMZ. “Buyer, Mr. John Franklin, failed to perform; therefore, a notice of default was issued to him on 5/11/2026 with a follow-up on 5/13/2026. The Northern Trust Loan and the prior permit-related matters were all pre-ownership of 1 West Star Island, LLC, and cleared up as an administrative matter.”
Combs is currently serving his sentence at FCI Fort Dix, a low-security federal prison in New Jersey. According to the Federal Bureau of Prisons, his projected release date is Feb. 23, 2028. His legal case remains active, as a three-judge panel of the 2nd U.S. Circuit Court of Appeals recently heard arguments regarding his sentence and questioned whether it was overly harsh. A ruling has not yet been issued, and the appeal remains pending.
This article was originally published on VIBE.
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