Josh Flagg is making a splash in East Hampton, locking down a deal for a new-construction home in the prestigious Georgica section — even as it hosts a high-profile summer renter.
Flagg, the Beverly Hills-based luxury broker and star of “Million Dollar Listing,” is in contract to buy the six-bedroom property at 49 Jericho Road for about $8.5 million, the New York Post reported. He’s teaming up on the deal with childhood friend Justin Gruenberg. The pair moved quickly, reportedly signing a contract within a week of touring the home.
TMZ first reported the transaction. Should the deal close at the expected price, the sale would break down to $1,932 per square foot.
The 4,400-square-foot traditional-style home, built by Vault Development Partners and designed by architect Brian Glasser, is being rented by David Zander, a Los Angeles-based producer known for pricey, trophy home buys.
Zander, who co-founded production firm MJZ, sold Jackie O’s childhood home, Lasata, in 2023 for $52 million, then followed it with an $86 million splurge on Rod Stewart’s former L.A. estate earlier this year.
The East Hampton home features a pool, pool house, covered terraces, a one-car garage and luxe finishes, including a sink said to have once belonged to Billy Joel. Flagg is expected to give the home a more “traditional” look with renovations aimed at making it feel a century old.
Its layout includes a grand foyer leading to a great room with 38-foot accordion doors, chef and prep kitchens, a junior primary suite on the ground floor and a main bedroom with private balcony upstairs. The lower level features a rec room with wine storage, two guest bedrooms and a laundry room.
The property, on a half-acre lot, was originally listed last year for $10.85 million and last asked $9.15 million before going into contract.
Douglas Elliman’s Martha Gundersen and Paul Brennan have the listing.
Flagg, summering in a Sagaponack rental while recovering from a whirlwind trip to the South of France, is planning a birthday bash with a guest list that includes Candy Spelling.
His Hamptons home purchase comes months after his Flagg Family Capital venture, alongside Andrew Aryeh and David Elbez, picked up retail space at 170 Mercer Street in SoHo in a Christmas Eve closing.
Last month, the Compass broker dropped his former Douglas Elliman boss from a lawsuit he filed last year over claims that someone accessed and shared his private information.
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