Have the Obamas Purchased Their Post-White House Home in California?

Reports have surfaced that the first family is buying a $4.25 million estate in Rancho Mirage, Calif., although the White House says those rumors aren't true. 

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The reported house that the Obamas are purchasing in Rancho Mirage, Calif. 

Realtor.com Screenshot

While the Obamas aren't officially set to leave their current accommodations until after the 2016 election, that doesn't mean they have to wait that long to start house shopping.

According to unidentified real estate sources that spoke to the Los Angeles Times, the president and first lady are reportedly in escrow on a $4.25 million pad near Palm Springs, Calif., complete with waterfall and putting green.

The custom-built estate in the Thunderbird Heights community of Rancho Mirage, Calif., has played host to such Hollywood heavyweights as Frank Sinatra, Bob Hope and Bing Crosby.

A White House official told the New York Daily News on Monday that the reports were not true.

But if the Obamas were to move into the four-bedroom, four-and-a-half-bathroom main house that includes a gym and tanning and spa rooms, their security detail could stay in the neighboring small house on the 3.29 acres that offers three bedrooms and three bathrooms.

Although the White House has denied rumors of the purchase, the Daily News points out that earlier this year, the president did play golf with Oracle co-founder Larry Ellison on his private course. And the newspaper noted that the first family spent Father's Day "weekend in the Coachella Valley last month, staying at a house in the same Thunderbird Heights neighborhood."

If the Obamas are, in fact, buying this house, it is a fiscally responsible purchase, considering that the property, which was once valued at close to $10 million, went through six price reductions before it bottomed out at less than $5 million, Realtor.com reveals.