[citation needed] Ronald Reagan's family owned a ranch in the Santa Monica Mountains that was much closer to their home in Bel Air, Los Angeles.

[2][3] The Reagans then bought the ranch from the Corneliuses for about $527,000 in 1974 (equal to approximately $3,256,000 today[1]) when his second term as governor of California was nearing an end.

The estate contains a pond called Lake Lucky, stables and a barn for horses, and a 1,500 ft² (139 m²) house furnished with 1970s-style furniture.

The ranch is located in a remote area on the crest of the Santa Ynez Mountains overlooking the Gaviota Coast.

[4] He signed the Economic Recovery Tax Act of 1981 at the ranch and at various times hosted British prime minister Margaret Thatcher, Queen Elizabeth II and Soviet leader Mikhail Gorbachev.