Josh Flagg, the star of "Million Dollar Listing Los Angeles" and a luxury real estate broker, has purchased a newly built six-bedroom home in East Hampton’s exclusive Georgica enclave for $8.6 million, including furnishings, according to The Post.
The sale closed Friday. Flagg and his childhood friend and business partner, Justin Gruenberg, paid $8.45 million for the 4,400-square-foot residence and an additional $150,000 for the fully furnished interior. The buyers signed a contract within a week of touring the property, The Post reported.
Designed by Brian Glasser, built by Phil Kaufman and developed by Robert Zecher’s Vault Development Partners, the traditional-style house sits on roughly half an acre and was last listed at $9.15 million, down from an original asking price of $10.85 million when it first hit the market last year.
The property includes about 1,500 square feet of covered terraces and balconies, a pool, a pool house and a garage. Interior features cited in the listing include a great room with 38-foot accordion glass doors that open to a bluestone-floored porch with a fireplace, an automated screen and an outdoor kitchen; a chef’s kitchen with a separate prep kitchen; a ground-floor junior primary suite; and an upstairs main bedroom with a private balcony. The finished basement contains a recreation room with built-in wine storage, two guest rooms and a laundry room. Martha Gundersen and Paul Brennan of Douglas Elliman were the listing brokers.
The house was rented earlier in the summer by Los Angeles–based producer David Zander, who has been linked to several high-profile real estate transactions. Zander is a co-founder of MJZ, a production company behind music videos, commercials and films, and previously sold Lasata, the storied East Hampton estate where Jacqueline Kennedy Onassis spent childhood summers, to fashion designer Tom Ford. Friends of Flagg told Gimme Shelter that Flagg plans to renovate the new Hamptons residence to "make it look more traditional" and to give it "some soul so that it looks like it has been there for 100 years."
Flagg, who had been renting in Sagaponack and recently vacationed in the South of France, has been expanding his real estate holdings. Earlier this year his Flagg Family Capital closed on retail space on Mercer Street in SoHo. It was not immediately clear whether he will occupy the East Hampton home or hold it as an investment property. The Post reported that inquiries to Flagg seeking comment were not immediately returned.
The purchase adds to a string of high-profile transactions in the Hamptons market this season and follows several notable celebrity and investor deals that have reshaped pricing and interest in the area. The property’s sale for below its most recent asking price reflects some of the market adjustments after the house first listed last year.
The Post was the primary source for the sale details and photo releases tied to the listing.