Barack Obama Becomes First President to Buy Property On Martha’s Vineyard

Martha Vineyard

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.

The purchase price, recorded at 3:31 p.m. Wednesday with the Dukes County Registry of Deeds, is listed at $11.75 million. The buyer is a nominee trust representing the former First Family. The sellers are Wycliffe Grousbeck and Corinne Basler Grousbeck. Mr. Grousbeck is a private equity investor and owner of the Boston Celtics basketball team.

Martha Vineyard

The Obamas are known to summer on Martha’s Vineyard — spending part of every August there for seven out of his eight years in the Oval Office

The only year they didn’t visit was in 2012, as Obama focused on his re-election campaign.

Grousbeck and ex-wife Corinne Basler Grousbeck purchased the property for $3.1 million in 1998 from Geoffrey Gund.

The home features seven bedrooms, eight and a half baths and several stone fireplaces. There is a two-car garage, a detached barn and a pool.

It was placed on the market in 2015, when it was listed for $22.5 million, and the price was dropped twice over the summer — once to $16.25 million in June and then to $14.85 million in July.

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.