"Under the name "Wall Management Services Inc.," the group--which includes the President's longtime associates Holmes Tuttle and Earl Jorgenson--bought the 7,192-square-foot house with three bedrooms and six baths on 1 acres for $2.5 million. The dirt alone on a 1-acre lot in that neighborhood is worth an estimated $3 million!"
"The President's friends purchased the property last August with the understanding, in initial accounts, that they would be reimbursed later by the Reagans, whose money is in a blind trust until the President's term expires in January, 1989."
"Last week by phone, the First Lady's press secretary confirmed a report that the Reagans knew about the purchase but do not consider themselves legally bound to buy the house. She also told me that although the First Lady has seen the house, "Mrs. Reagan will continue to look at other homes.""
President Reagan's longtime associates Holmes Tuttle and Earl Jorgenson, operating under Wall Management Services Inc., purchased a 7,192-square-foot Bel-Air property for $2.5 million in August with the understanding they would be reimbursed by the Reagans after his presidency ends in January 1989. The property sits on one acre in an exclusive neighborhood near homes of Elizabeth Taylor and Mac Davis, with the land alone valued at approximately $3 million. The transaction involved no real estate broker and was conducted with a 90-year-old seller. The First Lady's press secretary confirmed the Reagans knew of the purchase but stated they do not consider themselves legally bound to buy it, noting Mrs. Reagan continues exploring other homes. The 1950s ranch-style residence features a bridle trail adjacency, though the trail is no longer actively used for horses.
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