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Rumors Put to Rest That the Obamas Are Buying Rancho Mirage Home

Built in 1993, the home is in a gated community. (Credit: Realtor.com via Los Angeles Times)

Built in 1993, the home is in a gated community. (Credit: Realtor.com via Los Angeles Times)

The house in Rancho Mirage that was thought to be purchased by President Obama sold for $3.5 million to a couple from Omaha with no apparent ties to the commander-in-chief.

Talk of a potential presidential purchase began when Barack and Michelle Obama spent a long weekend in June at the Thunderbird Heights home of their friend, White House interior designer Michael Smith. A contemporary home for sale nearby went into escrow a month later.

The Nebraska buyers required the listing agents to sign confidentiality agreements and made the purchase through a trust, fueling speculation that the Obamas might be the new owners.

Based on Obama’s tax returns, which are public information, he would certainly have qualified for a loan on the house, said Ira L. Meltzer of Luxury Mortgage Corp., which made the loan on the 8,232-square-foot contemporary. With mortgage interest rates still near historic lows, he added, “we would have encouraged him to take a loan and stimulate the economy.”

Click here to read the full story at LATimes.com.