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Obamas reportedly buying $14.85M Martha's Vineyard estate from Celtics owner Wyc Grousbeck

The Obamas, after leaving the White House, had rented the home from the NBA side's owner for the summer and adored the place so much they made an offer to buy the estate

Former President Barack Obama and wife Michelle Obama are reportedly attempting to purchase a sprawling estate in Martha's Vineyard from Boston Celtics owner Wyc Grousbeck. Reports stated the estate is on the market for $14.85 million and features seven bedrooms and nine bathrooms inside the 7000 square feet main residence.

There are 29 beachfront acres outside the main house, including a pool, a chef's kitchen, two guest wings and an outdoor fireplace. Grousbeck has reportedly had the property on the market for nearly four years. The estate was first listed for $22.5 million in 2015. 

The Obamas, after leaving the White House, had rented the home from the NBA side's owner for the summer and adored the place so much they made an offer to buy the estate, according to TMZ. The outlet reported they, however, have not paid the full asking price for the house, which continues to remain in escrow. The price of the estate was reportedly reduced to $16,250,000 in 2017 and then to $14.85 million.

The Obama family is not the first presidential family to buy an estate on the Massachusetts Island, Jackie Kennedy-Onassis had reportedly kept a home in the region until her death in 1994. Her summer resort was reportedly famous within the Kennedy dynasty.

Listing agent Tom Wallace previously said of the house: "It's a remarkable home on an absolutely gorgeous setting, privacy is a key feature of the property. It certainly has the capacity to expand to more of a compound. One could build two additional full-size properties if one wanted to create a generational meeting place."

The estate is located on the edge of Edgartown Great Pond, which overlooks the Atlantic Ocean and features white interiors surrounded by emerald-green laws, according to the Daily Mail. The Obamas are no strangers to the island as they sold their summer home in the region for $15 million last year. The family reportedly spent seven summers there during the Obama presidency.