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America’s former first family has finally closed on a luxurious $11.75 million mansion in tony, island vacation destination Martha’s Vineyard this week.
Barack and Michelle Obama had rented the nearly 7,000-square-foot residence with lovely views of the Atlantic and their own private beach over the summer. As previously reported, they have been in talks to purchase the estate, located in the Edgartown section of the Massachusetts isle, from Boston Celtics owner Wyc Grousbeck since then.
The Obamas are familiar faces on the island as they vacationed there for seven of the eight years the president was in office. Their 2013 rental even earned the nickname the “Summer Whitehouse.” (It later sold for $18 million.) This is the couple’s first Martha’s Vineyard property of their own—and they’re the first former presidential family to buy property on the island.
The Vineyard is famously a hideaway for celebrities and VIPs. Former President Bill Clinton regularly vacationed there during his time in office, and Larry David, Spike Lee, and David Letterman all own places there. Former first lady Jaqueline Kennedy Onassis‘ 360-acre compound known as Red Gate Farm went on the market over the summer for $65 million.
The new Obama estate more than holds its own.
“It’s a beautiful location, and it’s certainly a magnificent home,” says luxury real estate broker Dolly Lenz, of Dolly Lenz Real Estate. She didn’t work with the Obamas on the sale but has worked with high-profile clients who have bought properties on the Vineyard before.
“The only thing that surprised me is they would have chosen a home in an area with a very short season of only two to three [summer] months,” she adds.
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Their new seven-bedroom, 8.5-bathroom stunner comes with its private stretch of coastline and two guest wings. Expected amenities such as an oversize pool, sun deck, and marble soaking tub are included.
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Grousbeck purchased the property for $3.15 million in 1998, and a mansion was erected three years later, according to the Chicago Tribune and the Vineyard Gazette.
The home went on the market in 2015 with a price tag of $22.4 million. It was later reduced to $16.25 million and then $14.85 million this year, according to realtor.com® records.
The Obamas also own a six-bedroom residence in Chicago’s South Side Kenwood neighborhood that they picked up for $1.65 million in 2005, according to the Tribune. That’s in addition to their nine-bedroom mansion in Washington, DC’s Kalorama neighborhood. They bought the latter for $8.1 million in 2017.
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