Local News in Brief : Reagans Lease Estate
President and Mrs. Reagan have signed a three-year lease on a $2.5-million estate in Bel-Air to live in after the President leaves office next January, the White House announced Monday.
Elaine Crispen, Mrs. Reagan’s press secretary, said the Reagans signed the lease and mailed it within the last 10 days. The lease gives them an option to purchase the house and its 1 acres of grounds.
The amount of the lease payments was not disclosed.
A group of about 20 friends of the Reagans set up a firm called Wall Management Services and purchased the estate from a 90-year-old woman on Aug. 21, 1986, saying they did so with the understanding that they would be reimbursed by the Reagans.
The estate includes a secluded house with 6,500 feet of living space and a pool.
At the time of the purchase, Crispen said the Reagans had not yet chosen a home and might decide to purchase a different one. But she said Monday that the Bel-Air home “is the one they have decided on.”
The Reagans lived in Pacific Palisades before moving to the White House.
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