It's well known that Martha's Vineyard is a favorite vacation spot for the Obama family.
Throughout his presidency, Barack Obama and his family would rent a property on the island as a place to take a breather during the summer.
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Barack And Michelle Obama Buy $11.75 Million Estate On Martha's Vineyard
Now, they've made it their official vacation spot, by purchasing an estate of their own.
Instagram | @barackobama
Reported by The Vineyard Gazette and confirmed by PEOPLE, the couple has chosen a place right on the shore of Edgartown Great Pond.
The house itself is 6,892 square feet and sits on a 29.3-acre lot.
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It has seven bedrooms and eight-and-a-half bathrooms, split among two guest wings and a master suite.
There is also a private beach and boathouse.
Rumors have circulated about the possible purchase, since the Obamas rented the home over this past summer.
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Built in 2001, the property has been on sale since 2015, when it was listed for $22.5 million. This summer, the price dropped twice, to $16.25 million, then to $14.85 million, before selling to the Obamas for a reported $11.75 million.
The actual buyer is listed as a trust, but PEOPLE has confirmed that the trust repesents the former First Family.
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The previous owner was Wycliffe Grousbeck , who also owns the Boston Celtics. He and wife Corinne Basler Grousbeck bought the land in 1998 for 3.1 million.
It's been a busy year for the Obamas and they don't show any signs of slowing down.
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Michelle has been touring after her record-breaking first memoir Becoming sold 11 million copies. Barack's own memoir is slated to come out in 2020.
So having a quiet place to escape from the world seems like the perfect thing.
h/t: The Vineyard Gazette, PEOPLE
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