Steve Harvey bought his daughter Lori Harvey a brand new Ferrari 488 convertible - worth an estimated $350,000.

And we're being told that the sports car was a "thank you" gift, for Lori dumping her 49 year old boyfriend - Sean "Diddy" Combs.

Lori, 23, had been dating the nearly 50 year old mogul up until last week, when she decided to end things.

We spoke to multiple people close to the Harvey family who claim that Steve was "ecstatic" that Lori broke things off with Diddy. One insider explained, "Steve wants Lori to live her life, and doesn't want to tell her what to do. But he let her know that he thought Diddy wasn't right for her."

And Steve appears to have given Lori a little financial incentive to drop Diddy. Just days after Lori made the decision to break up with Diddy, Steve bought her a 350K Ferrari.

The insider explained, "The Ferrari was a thank you from Steve."

Here are pics of Lori in her new White Ferrari, with red leather seats:

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By the way - it's the same Ferrari that Steve bought his wife Marjorie last Christmas. Here's the pic of Marjorie in her Ferrari:

Besides dating famous men, Lori has modeled down runways during Paris and Milan’s Fashion Weeks, particularly walking for Dolce & Gabbana multiple times. She even shared the stage with Justin’s brother, Christian Combs, during one such show in Sept. 2017! Off the runway, Lori’s still a high fashion connoisseur — she can be seen repping brands like Hermès and Chanel on her IG feed.