Mitt Romney buys home in La Jolla, Calif.

BOSTON—Former Massachusetts Gov. Mitt Romney has reached a deal to buy a home in southern California.

The unsuccessful Republican presidential contender is closing at the end of the month on a property in La Jolla, just north of San Diego, Romney spokesman Eric Fehrnstrom confirmed Saturday.

While California Gov. Arnold Schwarzenegger is term-limited and must leave office after 2010, the spokesman denied any political positioning. Romney finance chairwoman Meg Whitman, the former chief executive of eBay, is also reported to be considering her own campaign for California governor.

"Gov. Romney has been looking at property on the West Coast because he has family in California, and because his wife, Ann, spends a good deal of time there riding horses," Fehrnstrom said.

One of Romney's five sons, Matt, lives outside San Diego, while son Josh lives in Salt Lake City.

Romney also owns homes in Belmont, Mass., Wolfeboro, N.H., and Deer Valley, Utah.