London - Erection of the ten foot bronze monster in London's Grosvenor Square has been met with widespread disbelief.
Local Westmonster Council byelaws only permit such public commemoration after a 'decent' period of official whitewashing - usually 10 years - politicians admitted today.
But in Raygun's case this has been brought forward by three years to reflect the centenary of the cold war KGB double agent's birth.
"He was a perv alright," Mayfair resident Crispin Woolysox told reporters today, "who suffered a form of penile dementia throughout the golden sunset years of his two term presidency.
"Still, as an artform genre foreign paedo-statuary is still relatively under-represented in London's pubic parks."
The unveiling of today's totem to the GOP's dark arts division may be countered later in the week with the publication of some previously unseen local Reagan footage.
This shows him being pushed fully clothed into the Buckingham Palace swimming pool after some risque remarks caused offence to an unnamed woman Democrat.
"What a pity the pool was full of water at the time and not empty," Woolysox added, "it's a 12 foot drop down at the deep end."
Margaret Thatcher's absence from today's unveiling ceremony is a small blessing, under the circumstances.