The 12-storey building known as 807 Park Avenue was once the personal mansion of Sean "Puff Daddy" Combs in New York City. Its current owners now have received approval to redevelop the structure, according to a recent report from ny.curbed.com.
The building, constructed in 1899, is located at the Historic District in the Upper East Side. The owners obtained permission from the Landmarks Preservation Commission to have the original five-storey structure redeveloped and have the added seven-storey addition to be demolished. This approval comes after extended discussions were conducted on the value of the property for preservation purposes. By retaining the original structure, a compromise was reached between the owners, Aion Partners and the Commission.
The building was originally a five-storey tenement. When the Grammy award-winning rapper purchased the structure, several renovations were further made to make the whole building his mega townhouse in the heart of New York City. In 2005, the property was sold by Combs to Aion who then converted it into four-storey condominiums. Because of the market glut, the condominiums failed to sell, thus the proposal from Aion for the demolition.
Combs received $14.3 million for the property, but this is just a drop in his overall net worth, which according to celebritynetworth.com is around $700 million.
Just recently, another former P Diddy mansion, this time located in California, was purchased by Filipino boxer Manny Pacquiao. According to a report from homes.yahoo.com, the Beverly Hills mansion was listed at $11.9 million and had seven full bedrooms and eight baths. This mansion was owned by P Diddy and was said to be his gift to then-girlfriend Jennifer Lopez. Now the mansion would be Pacquiao's new home in Beverly Hills.
