Rumor had it that President Barack Obama and his family were about to drop $4.25 million on a contemporary California mansion. Relax. According to TMZ, it's not happening. Earlier this morning, the LA Times and local real estate agents — who "spoke on condition of anonymity" — claimed the first family was in escrow with the 8,200-square-foot home located in exclusive Rancho Mirage, CA. Although the White House said this was completely false, many believed otherwise. For good reason, though — the president is often seen mixing business and golf in the surrounding area, and he could potentially want a political neighbor like former President Gerald R. Ford. Details of the home include a gym, four bedrooms, a rock lagoon, two spas, and panoramic views of the surrounding hillsides.