For a few hours Friday, it looked like the First Family might be seriously looking at purchasing the newly renovated Katharine Hepburn estate in Connecticut on the Fenwick waterfront.

At least that was the rumor reported Friday by Hearst Newspapers, picking up on an earlier report of speculation by venerable gossip columnist Liz Smith — and it was soon bouncing around Twitter.

But the White House moved swiftly to squelch the speculation with a short statement: “It’s not true.”

Democratic political consultant and author William Curry said Friday he would have been surprised if the rumor turned out to be fact. I

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