UPDATE: We just got off the phone with partner Jamie Mulholland. He tells us this rumor is completely FALSE and that the old Surf Lodge we know and love will be back at it bigger than ever this Summer.

Rumor Patrol: Last night, we received some news from a highly credible source that P.Diddy, yes that P.Diddy, will be taking over the Surf Lodge in Montauk. The mega pop star, known primarily for his raging East Hampton "white" parties would seem to be the complete antithesis of everything that Surf Lodge, and Montauk for that matter, stand for. You know what they say...sometimes you have to reach rock bottom before you can start to see the light.

But the owners are flat out denying it...

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