Their latest purchase, however, has called into question the validity of their climate change concerns, as the Edgartown Estate is, in fact, a waterfront property. 1,197, © 2020 NYP Holdings, Inc. All Rights Reserved Click Follow Search to get alerts on new listings.

Barack and Michelle Obama, the former U.S. president and first lady, rented a seven-bedroom home on Martha’s Vineyard this summer and decided to stay. We've now learned that they have decided to go all-in on the home they've been renting this summer, a sprawling seven-bedroom, 8.5-bathroom estate on 29 acres. The asking price was $14.85 million. Thousands of years ago native Americans made encampments on the shores of the Great Ponds that rim the Island’s south shore, including Edgartown Great Pond. Multiple island sources tell us the Obamas are in escrow for the estate owned by Boston Celtics owner, Wyc Grousbeck. The sellers are Wycliffe Grousbeck and Corinne Basler Grousbeck. Account active Inside, the vibe is contemporary—and a little cold. Monique Valeris is the senior home editor for Good Housekeeping, where she covers decorating ideas, home tours, gift guides and more. Don't Neglect These 6 Maintenance Tasks—or Else, Debunked! Rumors of the impending sale have been circulating since late this summer, when the Obamas rented the property for several weeks. Barack and Michelle Obama are close to buying a massive Martha’s Vineyard estate. Former President Obama and his family are now permanent homeowners on Martha’s Vineyard, after completing the purchase this week of a large home situated on nearly 30 acres in the coastal perimeter of Edgartown. Grousbeck initially put the palatial property on the market in 2015 for $22.5 million. We were also surprised to learn that the Obamas are not buying in their beloved Chilmark, the notably quiet, more rural part of the island where the summer party crowd is less likely to gather (it's a "dry" town, so you can't buy booze, although you can BYOB).

Former President Obama and his family are now permanent homeowners on Martha’s Vineyard, after completing the purchase this week of a large home situated on nearly 30 acres in the coastal perimeter of Edgartown. Sign up for Insider Life. The property has been on the market since 2015, when it was listed for $22.5 million. According to People, the 6,892-square-foot Martha's Vineyard estate was sold on Wednesday for $11.75 million to a trust. It's been an annual vacation destination for the Obama family since their time in the White House, but now they're putting down roots with the purchase of a gorgeous mansion that they rented over the summer. It has less than a two percent black population. Subscriber Additionally, the waterfront home reportedly features “seven bedrooms, eight and a half baths, and several stone fireplaces,” along with a “detached barn and a pool.”. We've received your submission.

In the 1600s and 1700s the Island’s earliest non-native settlers built homes around the ponds. (Their production deal with Netflix to produce films, announced in May, is another boon to the coffers.). Privacy Notice The compound was originally listed for sale in 2015 for $22.5 million and dropped to $14.85 million in July 2019. Barack and Michelle Obama just spent $11.75 million on a house on Martha's Vineyard, an affluent vacation island in Massachusetts, the Vineyard Gazette reported. Rumblings of the Obamas multimillion-dollar purchase surfaced in August, but they officially closed the deal this week, joining the elite Martha’s Vineyard community in a nearly 7,000 square foot home that sits on roughly 29 acres, facing the Edgartown Great Pond. It comes with an outdoor swimming pool, sun decks and balconies, a boathouse, and private beachfront. In 2017, the Obamas dropped $8.1 million on a nine-bedroom house in the Washington, DC, neighborhood of Kalorama. After years of vacationing on Martha's Vineyard, Barack and Michelle Obama may finally be ready to purchase a home on the affluent island off the coast of Massachusetts. (They skipped a year in 2012 when President Obama was in the midst of a reelection campaign.). The Obamas have a long history of renting on the island, most notably the $18 million house in Chilmark that was dubbed their "summer White House" in 2013. August 22, 2019 | 11:49am | Updated August 22, 2019 | 1:16pm. There’s plenty more where that came from. After the news broke that former President Barack Obama and former First Lady Michelle Obama are buying a $15M waterfront estate in Martha’s Vineyard, some took to … It has 29 beachfront acres. Barack and Michelle Obama just dropped $11.75 million on a house on Martha's Vineyard in Massachusetts, Julia Wells reported for the Vineyard Gazette. There is a two-car garage, a detached barn and a pool. It also boasts an elegant master suite complete with a fireplace, as well as two guest wings, a two-car garage, a sun deck, boathouse, and a pool.

Your Ad Choices As this dumb 12-year deadline counts down, it should be property along the coastlines that lose the most value, while inland property rates skyrocket due to overcrowding by leftists fleeing to safety… right? The family also visited the Island before, including when he was a senator from Illinois. Money from the fees is used to buy conservation land and protect natural resources such as aquifers, scenic views and farmland on the Vineyard. This site is protected by reCAPTCHA and the, Sorry, we were unable to share this article. The Obamas are by now familiar summer visitors on the Vineyard.

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Although the Vineyard has long been a vacation spot for visiting presidents, including former President Clinton and his family, this marks the first time that a former president has bought property on the Island. A roundup of uplifting stories about everyday heroes. The seven-bedroom home is almost 7,000 square feet and sits on 29 waterfront acres, according to the listing.

“The buyer is a nominee trust representing the former First Family. Why This Winter's 'Slow' Home-Selling Season May Be Hotter Than Ever, Tarek and Christina Prove That Even Professionals Can Mess Up a Flip, Frank Lloyd Wright-Designed Home With Only 2 Owners for Sale in Illinois, 9 Home-Buying Costs Veterans and Active Military Should Keep in Mind, 'Bonanza' Ranch Sells for a Record $38M, and It Looks So Much Better Than on TV. The seven-bedroom estate sits on 29.3 waterfront acres. The former first family bought the home through a nominee trust from the sellers Wycliffe Grousbeck, who owns the Boston Celtics, and Corinne Basler Grousbeck, according to the Gazette. The family bought the home through a nominee trust from Wycliffe Grousbeck, the owner of the Boston Celtics, and Corinne Basler Grousbeck, the Vineyard Gazette reported. Mr. Rappaport declined to discuss the sale. The Obamas are worth 30 times more than when they entered the White House in 2008 — here's how they spend their millions. Landvest was both the listing and selling broker for the sale; the principal brokers are Gerret Conover and Tom LeClair.

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