Diddy is snatching up more property on Miami’s exclusive Star Island, he’s the mystery buyer who dropped a huge sum on Gloria and Emilio Estefan’s mansion.

According to sources and property records … Diddy threw down a cool $35 million for the former Estefan estate on Star Island, which the couple bought way back in 1993 for only $1,840,000. How ’bout that return on investment?!?

Gloria and Emilio unloaded the mansion back in July and got top dollar on their investment, but we didn’t know who the new owner was.

Diddy now has plenty of room to shake his body and do that “Conga” — the property is nearly 8,000 square feet with 6 bedrooms and 10 bathrooms, and it sits on a corner lot with waterfront views of the downtown Miami skyline.

Oh and there’s also a 2-story guest house with 3 bedrooms, a spacious living room and its own killer views.

Diddy’s kinda playing Miami Monopoly here … we’re told he also owns the property next door, which he purchased in 2003. It’s unclear if he plans to combine both properties.

Star Island is a major enclave for celebs like Shaquille O’Neal and Alex Rodriguez, just to name a few … but Diddy seems determined to own the most property.