Report: Obamas to Purchase Multimillion Dollar Mansion on Martha’s Vineyard

In this Oct. 31, 2017, file photo, former President Barack Obama, right, and former first lady Michelle Obama appear at the Obama Foundation Summit in Chicago. The Obamas have unveiled a slate of projects in development for Netflix, a year after the former president and first lady signed a deal …
AP Photo/Charles Rex Arbogast, File

Former President Barack Obama and former first lady Michelle are reportedly planning to purchase a multimillion dollar mansion in Martha’s Vineyard off the coast of Cape Cod in Massachusetts.

TMZ reported Thursday that the Obamas are purchasing the property, which contains 29 beachfront acres and seven bedrooms, for a discounted price of $14,850,000.

The former first family rented that same property last summer and enjoyed it so much they decided to purchase it. The house also includes a pool, a Jacuzzi, and an outdoor fireplace.

The Obamas currently reside in an $8.1 million mansion in the Kalorama neighborhood of Washington, DC, which they bought in May 2017, Town & Country magazine reported.

Despite the Obamas’ taste for the high life, they have criticized the wealthy for living extravagantly and have pushed back against income inequality.

In June 2017, Breitbart News reported that the former president gave a $7,700-a-minute speech to the Chamber of Commerce in Montreal, warning that the world must do more to combat income inequality.

Former President Barack Obama’s net worth is estimated to be about $40 million, according to gobankingrates.com.

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