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Talk about a sweet 16.

For his 16th birthday, Diddy gave his son Justin Dior Combs a brand-new silver Maybach (price tag: $360,000).

The teen received the wheels at a lavish bash Saturday night at M2 Ultralounge club in NYC. (Among the guests: Jersey Shore stars Paul "Pauly D" Delvecchio, Nicole "Snooki" Polizzi and rapper Lil' Kim.)

Diddy, 40, also gave his son a $10,000 check to open a bank account. (For the record, Justin is donating it all to Haiti relief.)

"I'm just ecstatic right now," Justin told at his party, which will be featured on an upcoming episode of MTV's My Super Sweet 16. "Words can't even describe how I feel. I'm so blessed and thankful for all of this."

Diddy said his son's elaborate bash is in stark contrast to how he celebrated his 16th birthday back in the day.

"I don't think I even had a party!" Diddy told Us. "I think I had a cake -- and that was it!"

But Diddy said he was happy to open his wallet for Justin (whose mother is Diddy's ex, Misa Hylton-Brim).

Diddy told Us he's so happy how his son "has grown and matured ... how well-behaved he is; how respectful of a kid he is. It just makes me proud."