Ex-76ers Owner Spends $70 Million On LA Estate Once Owned By Ronald Reagan

Michael Rubin, the former Philadelphia 76ers owner, is now forever linked to President Ronald Reagan.

Huh?

Rubin recently purchased a $70 million home in Los Angeles, and the Hollywood Hills mansion sits on property that was once owned by the 40th U.S. President. 

According to TMZ, the three-story pad is your run-of-the-mill 7-12 house: seven bedrooms, 12 bathrooms, and enough amenities to make your head spin.

Michael Rubin and former President Ronald Reagan apparently share the same taste in homes. (Photo by Shareif Ziyadat/FilmMagic)

Fanatics CEO buys $70 million home in Hollywood

When the house was last sold in 2012 for $8.5 million - what a steal! - it featured a movie theater, library, wine cellar, tennis court and Balinese-inspired swimming pool.

The property, which spans three-quarters of an acre, sits on the edge of a knoll overlooking the Sunset Strip with a reportedly unobstructed view of downtown LA.

Rubin, who held ownerships stakes in the 76ers from 2011 through this past June, is also the CEO of Fanatics, the online sports apparel shop.

Fanatics headquarters are in downtown Los Angeles, which is why Rubin - who is worth over $10 billion - purchased this cozy home. 

Hope he can keep up with those pesky mortgage rates!

Anyway, Reagan lived on the property years ago with his first wife, actress Jane Wyman. Photos are scarce because the home was never actually listed, but that's what Google Earth is for.