Obama Buying $4.25M California Estate?

The White House denies it, but real estate agents say it's true.

President Obama and his wife, Michelle, could be the owners of a home in Rancho Mirage listed at $4.25 million before the month is out.

The First Family is believed to be in escrow on a contemporary home in a gated community where entertainers Frank Sinatra, Bob Hope and Bing Crosby once maintained estates.

The White House said rumors regarding a home in Rancho Mirage are not true.

But area real estate agents, who spoke on condition of anonymity, said the Obamas are the buyers of the Rancho Mirage home. Listing agents Marc Lange and Carl Blea of HOM Sotheby's International declined to comment.