Obamas buy $11.75 million Martha's Vineyard home with a view of the Atlantic which they fell in love with after renting it last summer
The estate, which was originally on the market for $14.85 million, features seven bedrooms and nine bathrooms.
Former President Barack Obama and wife Michelle Obama have reportedly closed the deal on a massive estate on Martha's Vineyard, Massachusetts with a view of the Atlantic Ocean. The estate, which was originally on the market for $14.85 million, features seven bedrooms and nine bathrooms inside the 7000 square feet main residence. The former first couple bought their new home, which occupies 29 acres of beachfront property, after a huge discount, securing it for $11.75 million, according to TMZ.
The Obamas, after leaving the White House, had rented the home from Boston Celtics' boss Wyc Grousbeck for the summer and liked the place so much they made an offer to buy the estate. The property comes with a swimming pool, an outdoor fire pit, a chef's kitchen, two guest wings, and an outdoor fireplace. The original owner reportedly had the property on the market for nearly four years and it was first listed for $22.5 million in 2015.
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 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.
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.