Report: Obama is in escrow on luxury home in Rancho Mirage

According to the Los Angeles Times, whose Lauren Beale is renowned for keeping track of high-end real estate transactions among the rich and famous before they are publicly acknowledged:

President Obama and his wife, Michelle, could be the owners of a home in Rancho Mirage listed at $4.25 million before the month is out.

The First Family is believed to be in escrow on a contemporary home in a gated community where entertainers Frank Sinatra, Bob Hope and Bing Crosby once maintained estates.

The White House said rumors regarding a home in Rancho Mirage are not true.

But area real estate agents, who spoke on condition of anonymity, said the Obamas are the buyers of the Rancho Mirage home. Listing agents Marc Lange and Carl Blea of HOM Sotheby’s International declined to comment.

President Obama has visited the area multiple times, including Father’s Day weekend. He enjoyed a round of golf at Larry Ellison’s private course five months ago.  Golfers are drawn to the area, including former President Ford, who retired there.

The home rumored to be under contract is a stunner, a true luxury retreat suitable for the top one percent of the one percent.

It features a waterfall, pool, and must be a real water-guzzler, as California residents now face mandatory water conservation rules that will require brown lawns and more.

The Washington Post’s Phillip Bump is skeptical that the property is under contract to the Obamas. Time will tell, of course.

The larger lesson is that within my own lifetime, retired presidents have gone from Harry Truman’s example of living modestly in the house he and his wife owned in Independence, Missouri following his presidency, and declining to cash in on his status, to the regal lifestyle enjoyed by Bill and Hillary Clinton, and prospectively the Obamas. George W. Bush is not suffering, to be sure, but has not been a fixture on the high priced lecture circuit piling up a nine-figure fortune.

According to the Los Angeles Times, whose Lauren Beale is renowned for keeping track of high-end real estate transactions among the rich and famous before they are publicly acknowledged:

President Obama and his wife, Michelle, could be the owners of a home in Rancho Mirage listed at $4.25 million before the month is out.

The First Family is believed to be in escrow on a contemporary home in a gated community where entertainers Frank Sinatra, Bob Hope and Bing Crosby once maintained estates.

The White House said rumors regarding a home in Rancho Mirage are not true.

But area real estate agents, who spoke on condition of anonymity, said the Obamas are the buyers of the Rancho Mirage home. Listing agents Marc Lange and Carl Blea of HOM Sotheby’s International declined to comment.

President Obama has visited the area multiple times, including Father’s Day weekend. He enjoyed a round of golf at Larry Ellison’s private course five months ago.  Golfers are drawn to the area, including former President Ford, who retired there.

The home rumored to be under contract is a stunner, a true luxury retreat suitable for the top one percent of the one percent.

It features a waterfall, pool, and must be a real water-guzzler, as California residents now face mandatory water conservation rules that will require brown lawns and more.

The Washington Post’s Phillip Bump is skeptical that the property is under contract to the Obamas. Time will tell, of course.

The larger lesson is that within my own lifetime, retired presidents have gone from Harry Truman’s example of living modestly in the house he and his wife owned in Independence, Missouri following his presidency, and declining to cash in on his status, to the regal lifestyle enjoyed by Bill and Hillary Clinton, and prospectively the Obamas. George W. Bush is not suffering, to be sure, but has not been a fixture on the high priced lecture circuit piling up a nine-figure fortune.