The 13,939-sf penthouse sits at the top of Fox Plaza, the 34-story office tower at 2121 Avenue of the Stars that itself is considered one of the best buildings in all of Southern California. Reagan, now suffering from Alzheimer's Disease and often unable to recognize his own wife and other family members, no longer needs the space because "he doesn't come here anymore," says Joanne Drake, a spokeswoman for the 90-year-old former Chief Executive.

The penthouse offers sweeping views of the Pacific Ocean. Reagan hosted many of the world's most renowned figures there, from movie stars to former British Prime Minister Margaret Thatcher and even Mother Teresa. The small staff that occupies the quarters today will relocate to smaller space, but a location hasn't been selected yet, Drake says.

The penthouse currently fetches about $18,000 a month, but that's based on the rates that were being charged when the 10-year lease was signed in 1991, brokers tell GlobeSt.com. "Penthouse space in trophy buildings like Fox Plaza today could get maybe $5 or $5.25 (per sf) a month now" because Westside rates have skyrocketed in recent years, says Rick Buckley, a senior managing director at Insignia/ESG and one of the brokerage firm's top LA producers.