The Obamas’ $11.75 million Martha’s Vineyard Estate

U.S Former President Barack Obama and Michelle Obama have purchased a seven bedroom, nine-bathroom home in Edgartown, Massachusetts. The price for the 29-acre estate was $11.75 million, public records show.

The sale price was more than $3 million less than the asking price for the almost 7,000-square-foot home on the Edgartown Great Pond. It was most recently listed for $14.85 million, but has seen several price cuts since it was first listed in February 2015 for $22.5 million.

The property was purchased by a trust represented by attorney Ronald Rappaport, a partner at Reynolds, Rappaport, Kaplan and Hackney, according to records made available.  The trust is reportedly tied to the Obamas,

Gerret Conover and Thomas LeClair, partners at LandVest Martha’s Vineyard, were the listing and selling brokers for the property. Mr. Conover confirmed the sale via email, and that the property was previously owned by Wyc Grousbeck, owner of the Boston Celtics.

Mr. Conover and Mr. LeClair took over from another agency later in May 2017, relisting the property for $19.25 million, records show. It was cut to $16.25 million in May 2018 and then again in July 2019 to $14.85 million. Both agents declined to comment further on any other details of the sale.

The Obamas have summered on the Vineyard for years, and they aren’t the only politicians who are fond of the coastal New England area. The Clinton family has spent time there, and former Secretary of State and Massachusetts Senator John Kerry bought a home there in 2017.  Red  Gate Farm, the former estate of Jacqueline Kennedy Onassis, is currently on the market there for $65 million, according to LandVest.

The home was designed by Brandenburger Taylor Lombardo Architects from San Francisco, with multiple areas for entertaining, both indoors and out. The living room has vaulted ceilings, exposed steel beams and a stone fireplace, the listing said. There are two guest wings, and the master suite boasts a fireplace, a private sun deck and water views. There’s a chef’s kitchen with ample built-in storage and a formal circular dining room overlooks the grounds and pond.