Donny Deutsche agrees to buy fallen Lehman exec’s Bridgehampton manse

From left: former Lehman Brothers executive Joe Gregory, the Bridgehampton mansion, and advertising mogul Donny Deutsch

Advertising bigwig Donny Deutsch has signed a contract to buy the Bridgehampton mansion that belongs to former Lehman Brothers President Joe Gregory, who has been trying to sell the property since he resigned and his company filed for bankruptcy in 2008. According to the Post, Deutsch is set to pay around $20 million for the 9,500-square-foot mansion, which sits on 2.5 Acres On Ocean Road and was originally listed for $32.5 million. Most recently, it was listed for $25 million with the Corcoran Group’s Susan Breitenbach. Gregory, who has been described in the years since the Lehman crash as a poster child for excess — he had a staff of 30 and notoriously commuted to work via helicopter — bought the home for $19 million in 2007 and put additional funds into renovations. Deutsch, meanwhile, recently sold his East Hampton home for $30 million. [Post, 2nd item]