Former President Barack Obama and former first lady Michelle Obama are two of the latest residents of Martha’s Vineyard, which is located off the coast of Massachusetts.

According to the Vineyard Gazette, the couple dropped $11.75 million after the asking price was originally $14.85 million.

Michelle and Barack Obama purchased a mansion on Martha’s Vineyard for a little over $11 million. (Photo: The Washington Post/The Washington Post via Getty Images)

The nearly 7,000 square foot home, which sits on 29 acres, has seven bedrooms, eight and a half baths, an outdoor swimming pool, a boathouse, sun decks and balconies, a number of stone fireplaces, as well as its own private view of the ocean. It’s also located in Edgartown, Mass., next to the Edgartown Great Pond.

On Wednesday, the house was sold by Wycliffe Grousbeck — who owns the Boston Celtics — and Corinne Basler Grousbeck, and purchased through a trust.

Reportedly, the former first family vacationed on Martha’s Vineyard in previous summers, and they rented the mansion before they bought it. The beloved couple also both attended Harvard Law School in Cambridge, Massachusetts, and possibly became familiar with the vacation area a long time ago.

And their eldest daughter Malia Obama is currently an undergrad student at Harvard University, so the state of Massachusetts has clearly been a major part of the Obamas’ life.

A few photos of the mansion have already hit the internet, which show a huge kitchen with wooden floors and white walls.

Plus, a dining area can be seen with large windows all around it, and there’s an incredibly spacious living room that shows how high the ceiling is and a separate lounge area with its own view of the ocean can be seen too.

Neither the Obamas or the listing agents, Gerret Conover and Thomas LeClair of LandVest Martha’s Vineyard, have spoken about the purchase. Nor have the Grousbecks.

Martha’s Vineyard is known as a popular destination area for the well-off.

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