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Perhaps it's true that RAY-gan is the unconventional way to say it, but from my reading on the name, there are a lot of people who spell it Regan, but pronounce it RAY-gan and a lot who assume it's spelled like Ronald Re(a)gan's name and that it's a tribute to him so they pronounce it accordingly.

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I guess Reegan is the safest way to go about spelling/pronunciation.