Reagans Sign Lease on a $2.5-Million Estate in Bel-Air
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WASHINGTON — President Reagan and his wife, Nancy, have signed a three-year lease on a $2.5-million estate in the Bel-Air section of Los Angeles to live in after they leave the White House next January, the White House said today.
Elaine Crispen, Nancy 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 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. It was purchased from a 90-year-old woman who at the time of the purchase still lived in the house.
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