Hip-hop mogul Russell Simmons has sold his East Hampton estate for its full $6.995 million asking price, reports the New York Post. Located at 20 Jericho Close Lane, the two-story property sits on 3.7 acres of land and features seven bedrooms, 5 1/2 bathrooms, two fireplaces and a heated pool. Though his reasons for selling remains unknown, the 55-year-old has been spending more time on the beaches in Miami with his new lady love.