Former President Barack Obama and former First Lady Michelle Obama have reportedly made a purchase of a 29-acre estate in Martha’s Vineyard. The $15 million property would be a summer home on a northeastern island that is accessible only by ferry and plane. Martha’s Vineyard has historically been a retreat for American political royalty, notably the Kennedys. Here is what we know about the latest Obama real estate deal.
The Purchase Comes from Post-Presidential Profits
The Obamas were financially comfortable prior to the Presidency, but they are now unquestionably members of the nation’s elite. Their rise in social status comes with a joint $65 million book deal, high-dollar speaking engagements, a Netflix production deal, and other recent ventures. As President, Barack Obama only earned $400,000 per year – earnings that were impressive but not nearly enough to pay for houses like the one mentioned in this article.
The Seller Is Boston Celtics Co-Owner Wyc Grousbeck
The seller of the property is Boston Celtics co-owner Wyc Grousbeck. Grousbeck was a contributor to Obama’s 2008 campaign (although he also gave money to Mitt Romney’s campaign that same year). Barack Obama’s love for basketball may have played into the family’s choice of this home, as there is even a basketball net attached to the side of the swimming pool.
The House Has All of the Enviable Features That You Might Expect
Martha’s Vineyard’s nicest homes provide luxury and privacy, something that the Obamas are clearly after. Their new estate features private beaches along the Great Pond of Edgartown. The master bedroom has a private sundeck overlooking the water and an impressive fireplace within. The pool is surrounded by a garden, and the driveway to get to the house is over a third of a mile long.
Not everybody likes Barack Obama’s legacy, but no one can find fault in the incredible home that the former first couple has chosen for their summer holidays. Propy looks forward to facilitating the sale of luxury homes of this scale, even if the buyers are not quite as famous as the Obamas.