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.

At $5 per sf, a new tenant would pay nearly $70,000 a month. "But the thing is, there's not an awful lot of tenants looking for space that is in that particular [14,000-sf] size range and willing or able to pay $5 a square foot," Buckley says.

"It might go to a potentially high-net-worth individual, or a high-image investment banker or other financially related company," he adds. "Or, maybe a national law firm looking to make a 'big splash' in the LA market might consider the space. But other than those types of prospects, the list of potential tenants isn't very long."

The penthouse space is being marketed by the Office Properties division of Orange County-based Irvine Co. Tony Ranger, the Irvine Co. broker in charge of finding a new tenant, did not return phone calls from GlobeSt.com.

The office space used by former presidents is paid for by taxpayers. Two months ago, Bill Clinton agreed to lease about 7,000 sf of office space in Harlem at a cost of about $210,000 a year after his original plans to pay $800,000 a year for space in Manhattan drew criticism from taxpayer groups and even some of his fellow Democrats.