Diddy eyeing a $12 million mansion

Diddy has reportedly zeroed in on a new Beverly Hills mansion, but before the mogul signs on the dotted lines, he wants to know about the local homeowners' association's party policies.

Tmz.com reports that Beverly Hills real estate sources said that Diddy is eying the 11,200 sq.ft. home in the city's gated Beverly Ridge area. But he won't make an offer if he and his friends can't cut loose.

In case Diddy buys the house, anyone he invites in must first be cleared by gate security. Before throwing a big party, he will need a valet service and security. And there are noise regulations too.

The Homeowner's Association is pretty flexible because lots of famous residents are known for their opulent shindigs.

As for the house itself, Keyshawn Johnson had it custom built in 2003, then sold it in 2004 to Paris Hilton's then-fiance Paris Latsis.

When the house went back up for sale last year, we're told Kim Kardashian seriously considered buying it - but ultimately settled on a nearby $11 million Bel Air mansion.