03/08/2012 02:00 pm ET Updated Apr 25, 2012

Lil Wayne's New(ish) House On The Water (PHOTOS)

Don't count rapper Lil Wayne among those who would rather rent than own in today's housing market. After leasing this Miami Beach waterfront place for two years, he quietly negotiated a deal to buy it for $11.6 million.

The 15,101-square-foot house has large expanses of glass, steel and select marble. The three-level home sits on about 120 feet of waterfront on La Gorce Island, a private gated community. The two-story master suite is accessed by a glass and steel elevator and the property includes a three-bedroom guesthouse.

How private is La Gorce Island? This is the neighborhood where Cher once hung her wigs and you don't get much more reclusive than Cher.

The Grammy-winning rapper said in an interview last spring that he intends to retire at 35 to spend more time with his four children; he will turn 30 in September and his ninth studio album was released last summer.

Celebrity real estate agent Katrina Campins of The Campins Company, who has represented Lil Wayne on several of his past real estate transactions, described him as "one of the most brilliant, talented and influential artists of our time." She added, "He is among the best in the business. We are grateful to have Lil Wayne in Miami."

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Lil Waynes Miami Pad