A legion of Hollywood glitterati feted President Reagan at a $1 million homecoming gala, singing "Camp David is rare, but it ain't Bel-Air" and tantalizing the former actor with a TV offer.

Reagan, for his part, said he was eager to return to the state where he began his duel careers in film and politics.

"Everytime I come home, I say to myself, `Why did I ever leave?' " Reagan remarked at Wednesday night's dinner in Beverly Hills, Calif. "I don't want to say I'm anxious, but in 15 days, 15 hours and 15 seconds, I will be on my way."

Merv Griffin, who escorted Eva Gabor to the gala to raise money for Nancy Reagan's anti-drug program, replied "Isn't it wonderful?" when asked about the Reagans' imminent return to California.

"Maybe we'll all make a movie together. I'm sure they'll be the leaders of everything that happens here," he said.

Dynasty star Joan Collins invited the president to play a role on her nighttime soap. "He could be my ex-husband or something," she quipped.

Dinner guests included Griffin and Marvin Davis, the Reagans' new nighbors in Bel-Air.