Billy Joel reportedly has signed a contract to buy an oceanfront property in Sagaponack, N.Y. that had been listed for $12,999,000 and that is next door to the former Roy Scheider estate that he purchased earlier this year.

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The New York Observer's fine celebrity real estate columnist Braden Keil this morning broke the story of Joel going to contract to buy the property, which currently holds a freshly painted, three-bedroom, two-bath cottage with a new kitchen, baths and floors.

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Listing information for the cottage is available online but with no address, and it's unclear to us what the property's address is. From public records, it appears to us that it's the property at 23 Gibson Lane, but we may be wrong on that. In addition, the property's size is wholly unclear; Keil reported that the property measures 1.2 acres, while the listing sheet states that the property is 1.6 acres. (Public records state that 23 Gibson Lane is 1.51 acres.) Any thoughts from our readers would be most appreciated.

In any case, Keil reported that he's heard that Joel may build a music studio on the property. The cottage measures approximately 1,500 square feet, according to listing information.

A Long Islander through and through, Joel still is relatively new to that immediate neighborhood, having paid $16,750,000 on June 5 through his Gibsons End LLC corporation to buy his five-bedroom, approximately 5,000-square-foot oceanfront house on 1.44 acres from actor Roy Scheider, according to public records. That house's address either is 9 Gibson Lane, 9 Gibsons Lane or 9 Gibsons End, depending upon which public records database one consults. We wrote about Joel's purchase of that property back on June 11.

Check out an online listing sheet for Joel's new property.

We'll keep you posted on if the deal closes, and if so, for how much.