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Real Estate

Southern California home of Ronald and Nancy Reagan sold for $15M

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A hand out photograph of Ronald and Nancy Reagan taken on February 6, 2000, on the occasion of President Reagan's 89th birthday celebration at the Reagan's home in Bel Air, California, released by Reagan's office March 2. (Reuters)

The former Southern California home of President Ronald Reagan and his wife, Nancy, was reportedly sold to billionaire businessman Jerry Perenchio for $15 million.

The Los Angeles Times reported Tuesday that Perenchio bought the property in an off-market deal. Pernechio is the former chairman of Univision.

The estate was originally purchased for $2.5 million by a group of friends for the Reagans in 1986, two years prior to the end of Ronald Reagan’s second term in office. The particular arrangement allowed the Reagans to lease the home with the option to buy it. The LA Times, citing property records, reported that the estate eventually was deeded to a trust in Reagans’ name in 1989.

The home is seated on 1.29 acres. The house is approximately 7,200-square feet and has 17 rooms with three bedrooms and six bathrooms.

The 85-year-old Perenchio also owns the property of “The Beverly Hillbillies.”

Perenchio was Reagan’s former Hollywood talent agent who was part of a group that bought Univision in 1990 for $550 million. He sold the media corporation for just over $12 billion in 2007.

Click for more from the Los Angeles Times.