President Ronald Reagan cuts in as Frank Sinatra and Nancy Reagan dance on Feb. 6, 1981. (Mike Evans/AP)

The 17-room Bel Air mansion that former president Ronald Reagan and his wife, Nancy, called home from 1989 until their deaths has sold to billionaire businessman Jerry Perenchio for $15 million.

Perenchio, Reagan’s former talent agent and a member of the Ronald Reagan Presidential Foundation’s board of trustees, purchased the home in an off-market sale in June, according to the Los Angeles Times.

The three-bedroom home was bought for the Reagans in 1986 for $2.5 million by the group of close friends who made up their “kitchen cabinet,” including department store heir Alfred Bloomingdale, auto dealer Holmes Tuttle and billionaire Walter Annenberg, according to Vanity Fair.

Life for the Reagans at the expansive Bel Air estate, which sits on a 1.29-acre lot on St. Cloud Road shielded by high shrubs lining a stone wall, was a far cry from their powerful social and political heyday at the White House. The couple retired to the Los Angeles neighborhood after Reagan’s second term and lived a quiet (for them) life there after the former president announced in 1994 that he had Alzheimer’s disease and would be stepping back from public life.

Reagan lived at the ranch-style home on St. Cloud until his death in 2004, and Nancy Reagan, a fixture in the neighborhood (with a cobb salad named for her at the Hotel Bel-Air), remained at the estate until her death there in March.