The former FLOTUS and US President are very close to purchasing a gigantic multi-million pound estate in Massachusetts. The couple were renting the house this summer in Martha’s Vineyard and loved it so much they put in an offer, reports TMZ. The property is currently on the market for £12.1million but the Obamas are apparently paying less.
A source told TMZ: “It’s not a done deal just yet.
“We’re told there are contingencies so it’s possible it could fall apart but we’re told so far its a go.”
The island property in Edgartown comes with a 6.892-square-foot main house.
It includes seven bedrooms and eight bathrooms.
Jackie Kennedy Onassis purchased a 340-acre oceanfront property known as Red Gate Farm in 1979.
Talking to Town&Country her daughter Caroline said: “Forty years ago, my mother fell in love with Martha’s Vineyard.
“When she found Red Gate Farm, it was a perfect expression of her romantic and adventurous spirit.”
Martha’s Vineyard is well known for its affluent summer colonies with a number of Hollywood celebrities hiding out there.
There was outrage among residents in 2011 after a rumour spread Lady Gaga planned to build a house on the island.
After leaving the White House in 2017, the Obamas spent £6.6million on property in Washington DC.
The nine-bedroom house is in the upmarket neighbourhood of Kalorama.
As of 2018, Barack’s net worth is around £32.6million from speaking engagements, books and the six-figure pension granted to all past presidents.
Along with Michelle’s lucrative book tour for her hit autobiography “Becoming”, the couple are estimated to be worth more than £110millon.
This is set to increase more after their announcement in May they are doing to confirm a production deal with Netflix to produce films.
Martha’s Vineyard is an Island of the south of Cape Cod and is only accessible by boat or air.
In 2007 the cost of living on Martha’s Vineyard was about 60 percent above the national average in the US and housing costs were 96 percent above average.