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Warner Bros. and Imagine Entertainment are teaming up on "The People's House," a Stacy Sherman-scripted comedy about a first couple divorce that puts the White House in play as a marital asset. Brian Grazer will produce.

In Sherman's script, the prexy is caught philandering, and the first lady kicks him out of the house and files for divorce. Because the first couple has few personal assets beyond the promise of future riches from memoirs and speaking engagements, she's granted custody of the most famous residence in D.C. The most powerful world leader finds himself sleeping in his childhood bedroom, returning to the Oval Office for only for work.

Pic will be exec produced by Billy Ray, who is married to Sherman and who, while scripting the Imagine-produced Jodie Foster starrer "Flightplan," showed her script to Grazer. WB closed a deal last week.

The comedy will be supervised by Imagine execs Jim Whitaker and Erica Huggins, along with WB's Kevin McCormick. The BWCS-repped Sherman has just started a rewrite, and the studio hopes to fast-track the film.