Line a rimmed baking sheet with parchment paper. Lay a sheet of cold thawed puff pastry out on the parchment paper. Roll the seams just a little to make sure they are smooth. Set the wheel of brie in the center. (Leave the edible rind intact.)
Spoon cherry jam over the top of the brie.
Crack the egg into a small bowl. Add 1 tablespoon water and whisk well.
Start folding the ends of the puff pastry up over the top of the brie. Do this in about 8 folds, starting with a corner, then folding up the flat edge next to it. Every time the puff pastry overlaps, brush the crease with eggwash to "glue" the folds together. Make sure the final puff pastry corners cover the brie completely. Then brush more egg wash over the entire surface.
Lay out three strips of bacon in an overlapping star pattern. Pick up the ends of the bottom strip of bacon and gently tie them in a knot. Tuck the ends under to look like a bow.
Now move the bacon bow to the top of the brie. Tuck the four straight pieces underneath the brie so they look like ribbon going around a package, and adjust the bow on top, to look like a gift. (See photos above for help.)
Place the brie in the refrigerator to chill until ready to bake. (Don't skip this step; it helps the brie hold a nice shape.) Preheat the oven to 450 degrees F. Once hot, bake for 40+ minutes, until the outside is golden and the bacon is crispy.
Cool for 5 minutes, before servings. You can serve the baked brie recipe as-is or with crackers and fresh fruit.