March 03, 1986 12:00 PM

Word is that Ronald and Nancy Reagan may be considering buying the $4.9-million Bel Air mansion owned by a former presidential challenger—Hustler publisher Larry Flynt. “I’d heard they were interested in two or three houses and that mine was one of them,” says Flynt. Though the White House is mum on this subject, Flynt notes that the Reagans might like the house’s elaborate security system as well as the “bulletproof windows and a steel door in the master bedroom. If Reagan buys it, I’ll even throw in a bed that sleeps six.” Flynt, who’s trying to sell his publishing company for $18 million, plans to move to Europe with his ailing wife Althea. As for rumors that Althea has AIDS, Flynt says, “I cannot confirm or deny it. Althea has been very sick, though.”

The real reason Bill Cosby turned down an invitation to speak at Stanford University’s commencement this spring wasn’t because of a scheduling conflict, as reported. It seems Cosby agreed to speak only if Stanford granted him an honorary degree. When told that the practice was against university policy, Cosby refused the invite. “He was willing to adjust his plans so that he could attend,” says Cosby’s publicist. “Mr. Cosby had his requirements, but the university was not willing to fulfill them.” Cosby, who dropped out of the undergraduate program at Temple University, seems to value degrees, especially if he doesn’t have to do much academic work to earn them. In Education’s Smoking Gun, a book published last year, author and former prof Reginald Damerell contended that Cosby barely attended class before earning a 1977 doctorate in education from the University of Massachusetts.

Former football stars Bubba Smith and Dick Butkus aren’t doing any more Miller Lite beer commercials. Smith says he turned down a “humongous offer” from Miller because the commercials don’t jibe with his Christian beliefs and his concerns about drunk driving. “I don’t want to promote something that’s going to hurt somebody.” But his bank account won’t go dry. Smith has signed a six-picture deal with an Australian film company and will co-star with Butkus in one of the movies. The duo, who appeared in two defunct TV series, Blue Thunder and Half Nelson, are also developing a TV sitcom and will co-host a syndicated talk show pilot called Sports Spotlight, airing in August. Molly Ringwald, co-starring with Jon Cryer and Andrew McCarthy, gets her man at the end of Pretty in Pink, but that wasn’t how the movie was initially scripted. Apparently preview audiences didn’t like the original conclusion in which Molly didn’t have much to smile about at her high school prom. The final scene was changed and now everyone lives happily ever after.

Bobby Vinton was one of the celebrities who received a box from the White House containing two colored Easter eggs, a felt-tip pen and a letter from the President seeking autographed eggs for the annual White House Easter egg hunt. Presumably because of budget cutting, the celebs have to pay for the return postage and were instructed by a note in the bottom of the box to “please return the pen.” The expense shouldn’t be a burden for Vinton—he just sold his Pacific Palisades home to Steven Spielberg for $7.5 million.

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