11:40 AM EDT, July 22, 2014
California, here they come?
The Obamas are reportedly buying a sprawling $4.25 million home in Rancho Mirage, an exclusive neighborhood near Palm Springs. Local real estate agents tell The Los Angeles Times the first family is already "in escrow" on the home, meaning they have already put some money down.
Realtor Janice Kaminsky told INSIDE EDITION, "I don't know the average price is there, but I would say everything is over a million, and probably over a couple of million there."
Here's what we know about the stunning contemporary: The 8,200-square-foot home was built in 1993 and sits on more than three acres. It has seven bedrooms, and patios with stunning desert and mountain views. It comes with a pool and a 20-foot waterfall, two spas, and a rock lagoon with another waterfall.
The area where the house is located has been called "The Playground of the Presidents." President Obama has visited here three times over the last year, mixing business with pleasure.
Palm Springs has been a winter retreat for celebrities for over half-a-century. Elvis Presley bought a 5,100-square-foot hillside hideaway in 1970 for what today seems like a bargain, $100,000.
The house behind another set of ornate gates was the desert oasis for Elizabeth Taylor. Liz installed a secret underground passageway leading to portholes where she could watch her guests swim.
The biggest house of all belonged to entertainer Merv Griffin. His lush estate sat on 39 acres with a living room big enough to fit four palm trees inside.
As for the Obamas, they still own a red brick home in Chicago and there has been speculation about where the family will move when his second term ends.
Politico reporter Ken Vogel told INSIDE EDITION, "It's a favorite parlor game in Washington D.C. to try to figure out where will the Obamas might settle when they leave the White House."
According to The Los Angeles Times, the two listing agents for the property declined comment on the report that the Obamas were buying the house.
The White House is denying the reports, with a spokesman quoted as saying, "Rumors regarding a home in Rancho Mirage are not true."
Vogel said, "The last thing the White House wants is anyone talking about where the Obamas are going to live after the presidency. He's already got a ton of distractions trying to get anything done in his second term."