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The Real Deal Los Angeles

Pacific Palisades home on site once owned by Ronald Reagan sells for $22M

Spec house was first shopped by Jaman Properties for $33M
March 03, 2017 05:00PM

Former Pacific Palisades home of Ronald and Nancy Reagan (A Bird’s Eye/Getty Images)

A Pacific Palisades mansion built on land once owned by President Ronald Reagan and First Lady Nancy Reagan has sold for $22 million, the Los Angeles Times reported.

The 12,000-square-foot spec house was built by Jaman Properties, a development firm led by screenwriter Janus Cercone and movie producer Michael Manheim. The 10-bedroom property has a 2,000-square-foot master bedroom and a temperature-controlled gym and comes with a separate guest house and saltwater pool.

The buyer was identified in public records only as Victoria 89, LLC.

The property was first shopped for $33 million last year, before officially listing for $25 million. Kurt Rappaport of Westside Estate Agency had the listing, while Richard Stearns of Partners Trust represented the buyer.

The Reagans owned the property in the 1950s, while Reagan was the Governor of California. They sold it after he was elected president. [LAT]Katherine Clarke