Historic Carmichael estate tied to the Reagans slashes price by $500,000 to $7M
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- The estate was commissioned in the mid-1970s as a proposed Governor’s Mansion.
- The nearly 12,000-square-foot home includes eight bedrooms and 10 bathrooms.
- The listing highlights riverfront grounds on more than 4.3 acres.
The price just moved on one of the Sacramento region’s most interesting luxury listings — a Carmichael estate originally commissioned in the mid-1970s to serve as California’s official Governor’s Mansion.
The sprawling, single-story mid-century modern home at 2300 California Ave. is now listed for $7 million, a $500,000 reduction from its initial $7.5 million asking price when it debuted in October.
Set on more than 4.3 acres above the American River, the property pairs high-end amenities with an origin unlike virtually anything else in the region.
“It was a labor of love for Ronald and Nancy,” listing agent Hattie Coleman of HomeSmart iCare Realty previously told The Sacramento Bee. “They built this as their vision for California’s Governor’s Mansion, and it still carries that sense of purpose and pride.”
The estate was designed by residential architects Buff & Hensman along with state architect John C. Worsley. The home totals nearly 12,000 square feet, with eight bedrooms and 10 bathrooms, plus dramatic hallmarks of the era: vaulted ceilings, post-and-beam construction and a layout built for entertaining on a grand scale. Marketing materials highlight two kitchens, two living rooms and even a ballroom.
Outside, the riverfront setting is a major part of the appeal. The grounds include a large pool that has been resurfaced, an outdoor kitchen, a putting green, an oversized veranda, multiple fireplaces and several water features. The lawn was also originally planned with enough space for a helipad — a reminder of how seriously the site was once considered as an executive residence.
The backstory, of course, is the headline-grabber: the home traces back to Ronald Reagan’s years as governor (1967 to 1975) and Nancy Reagan’s desire for a modern, more secure alternative to the historic Victorian Governor’s Mansion in downtown Sacramento. Construction finished after Reagan left office, and the property ultimately never served its intended function. When Gov. Jerry Brown took office, he famously declined to move in, reportedly calling the house “the Taj Mahal.”
The home’s quirks extend beyond politics. A time capsule is buried on the property and is intended to be opened in 2076, and the residence has long been associated with Hollywood touches — including a bar said to have belonged to John Wayne, and a long dining table tied to Nancy Reagan.
Psychiatrist Dr. Janak Mehtani bought the property in 2004 for $4.1 million, public records show.
With its asking price now at $7 million, the listing remains positioned at the very top end of the Sacramento-area market — but the price cut signals the reality of selling a trophy property where history and architecture are as central to the pitch as bedrooms and square footage.
