Former President Barack Obama and Michelle Obama have reportedly finalized the purchase of a seven-bedroom, nine-bathroom estate in Edgartown, Massachusetts, for $11.75 million. The expansive 29-acre property, located on Martha’s Vineyard, was bought by a trust represented by attorney Ronald Rappaport, a partner at Reynolds, Rappaport, Kaplan and Hackney. Although Mansion Global could not confirm the connection, the trust is said to be tied to the Obamas. Mr. Rappaport did not return requests for comment.
The sale was confirmed by Gerret Conover and Thomas LeClair, partners at LandVest Martha’s Vineyard, who handled the listing and sale. The previous owner was Wyc Grousbeck, owner of the Boston Celtics, who acquired the estate in 1998 for $3.15 million. The final sale price was notably lower than the asking price of $14.85 million, reflecting several price reductions from the initial listing of $22.5 million in February 2015.
Rumors about the Obamas’ interest in the Edgartown home began circulating during the summer when the family rented the residence. Despite the speculation, representatives for the Obamas have declined to comment on the purchase. The Obamas have a history of summering on Martha’s Vineyard, a popular destination among politicians, including the Clinton family and former Secretary of State John Kerry, who purchased a home there in 2017. Additionally, Red Gate Farm, the former estate of Jacqueline Kennedy Onassis, is currently listed on the market for $65 million.
The almost 7,000-square-foot home boasts numerous luxurious features. Outside, there is an outdoor fireplace, a screened porch with a fireplace, a pool, and a Jacuzzi located off the second-floor balcony with expansive water views. The property also offers direct access to Edgartown Great Pond, including a boat house and a private beachfront with deeded rights. These amenities contribute to the estate’s appeal, providing the Obamas with a serene and picturesque retreat.
The estate’s purchase marks a significant addition to the Obamas’ real estate portfolio, which includes their primary residence in Washington, D.C., and a home in Chicago. The Martha’s Vineyard estate will likely serve as a tranquil getaway for the former First Family, offering them a space to relax and enjoy the natural beauty of the coastal New England area.
As the Obamas settle into their new home, the local community and beyond will undoubtedly continue to take an interest in their activities and the estate’s role in their lives. The purchase not only reflects the family’s affinity for Martha’s Vineyard but also adds to the island’s storied history of notable residents and visitors.
