Barack and Michelle Obama buy 7-bedroom Martha’s Vineyard mansion for $11.75m – a huge $4.5m under the asking price
BARACK and Michelle Obama have bought a palatial home in Martha's Vineyard for $11.75million (£9million) after falling in love with it on holiday.
The former President and First Lady closed the deal on the sprawling 6,892 sq ft mansion yesterday for $4.5million (£3.4million) under the original asking price.
They had tested out the seven-bedroom house before buying when they rented it in the summer, TMZ reports.
Now they have secured a prime beachside plot on the millionaire's playground island, a favourite with celebs, tycoons and ex-President Bill Clinton.
Land registry records seen by the Vineyard Gazette show the Obamas bought it through a family trust from Wyc Grousbeck, owner of the Boston Celtics basketball team.
The house is set in 29.3 acres fronting the Edgartown Great Pond on the south of the island, off Cape Cod in Massachusetts.
It boasts views of ocean from the sun decks and a summerhouse fitted with a grand chandelier.
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The main house has vaulted ceilings, seven bedrooms, nine bathrooms, stone fireplaces, a detached barn and a pool.
There are also two guest wings, a private beach and a boathouse.
The listing agent said previously: "It's a remarkable home on an absolutely gorgeous setting" - adding that "privacy is a key feature of the property".
It was first listed for $16.25million in June, before the asking price was dropped to $14.85 in July.
The Obamas stayed there for several weeks in the summer and apparently loved it so much they decided to buy it.
Barack and Michelle are already regulars on the island.
They holidayed in Martha's Vineyard when he was a Senator, and spent seven of eight Augusts there when he was in the White House.
More recently he has been seen playing golf with NBA stars and comedian Larry David, and in 2015 he teed off with ex-president Bill Clinton.
The First Family holidayed in rented mansions in Chilmark, in the west of the island, at a reported cost of $50,000 a week.
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Martha's Vineyard has been a popular summer vacation spot for presidents for 150 years, as far back as Ulysses S Grant.
Bill and Hillary Clinton have visited often - both while he was president and since.
In August this year Bill's birthday party in Edgartown was a who's who of US high society hosted by banking heir Sir Evelyn de Rothschild.
The Kennedy clan also loved the island, and Jackie Onassis kept a home there until her death in 1994.
