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Josh Flagg is making big moves following the announcement of his divorce from husband Bobby Boyd.

The 36-year-old Million Dollar Listing: Los Angeles star, confirmed to PEOPLE that he has purchased a 7,100 sq. ft. Beverly Hills mansion in an off-market deal. The property had been listed for $9.2 million.

"I have had my eye on this home since I was a little boy. It has not been on the market in close to 60 years," Flagg tells PEOPLE. "It was actually an opportune time because a year ago when it was brought to my attention that the owners may consider selling, I was half way through renovations on another house that I had hired and fired three contractors, architects, and fought with the city for close to two years to build what I wanted."

He adds, "When this came across my desk, I stopped everything and was immediately determined to get this home. It's always been my favorite homes in the [Beverly Hills] flats."

The deal comes just two weeks after Flagg and Boyd went public with their split after five years of marriage in a pair of lengthy Instagram posts.

In a statement provided to PEOPLE and first reported by TMZ, Flagg explained, "Just because Bobby and I will be getting divorced does not mean life stops. Business continues as usual. I have been aggressively courting the owners of North Bedford Drive to sell me their house for years, but earlier last year I was told by a few people they were more seriously considering a sale and I would not take no for an answer."

Flagg is preparing to renovate the 7-bedroom, 8-bathroom home at a cost of nearly $7 million. He will team up with architect William Hefner mansion for the overhaul of the home, which also features a large pool and three-car garage.

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The news of Flagg's purchase comes just after a source told PEOPLE that he and Boyd had been living apart before going public with their split.

"Josh has been living at the Beverly Hills Hotel for the past few months," the source said.

The former couple were married in a Jewish ceremony at the same hotel in September 2017. "I have a lot of family history at the hotel. My grandparents were regular customers of the hotel and I learned to love it when I was a young child," Flagg told ET at the time.

While announcing his divorce from Boyd on social media, he made it clear that the decision to split was "not a rash or impulsive."

"This might sound abrupt but I felt I should be transparent from the top rather than bury the headline," he wrote. "This was not a rash or impulsive decision. We have been very thoughtful before coming to this conclusion."

"It was not a lack of love but rather the two of us growing in different directions and wanting very different things for ourselves," Flagg continued. "I care deeply about Bobby and have nothing but love and respect for him. I want how we separate from each other to represent that."

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