It appears that Martha’s Vineyard has improved its presidential pedigree.

According to rumours, former president Barack Obama and Michelle Obama have bought a seven-bedroom, nine-bathroom house in Edgartown, Massachusetts. According to available information, the 29-acre estate cost $11.75 million.

According to papers made accessible on Wednesday, the property was bought by a trust that was advocated by lawyer Ronald Rappaport, a partner at Reynolds, Rappaport, Kaplan and Hackney. The trust is allegedly connected to the Obamas, but Mansion Global was unable to corroborate this. Requests for response from Mr. Rappaport were not answered.

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.

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, according to records. 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.

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.

According to land records, Mr. Grousbeck paid $3.15 million for the estate in 1998. Requests for comment from him were not answered.
Since the summer, while the Obama family was renting the house in Edgartown, there have been rumours that the family may purchase it, according to a previous article in The Wall Street Journal. The family’s representatives declined to comment.

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 house was created by San Francisco-based Brandenburger Taylor Lombardo Architects and has several indoor and outdoor gathering spaces. According to the description, the living area boasts stone fireplace, exposed steel beams, and vaulted ceilings. The master suite has a fireplace, a separate sun porch, and views of the water. There are two guest wings. A traditional circular dining room and a chef’s kitchen both have plenty of built-in storage and overlook the garden and pond.

Outside, there’s both an outdoor fireplace and screened porch with a fireplace, according to the listing. There’s also a pool and a Jacuzzi off the second-floor balcony that has expansive views of the water. The property offers direct access to the pond, and includes a boat house and a private beach front with deeded rights, as per the listing.