The Obama Family’s Martha’s Vineyard Vacation Home Sold for $15 Million This Summer

by Madeline Bilis | August 20, 2018 4:06 pm

Photo via Wallace & Co. Sotheby’s International Realty

Can you put a price on the chance to live in a house where a former president once lazily lounged? Apparently yes, you can—$15 million.

The Martha’s Vineyard home the Obama family rented in 2013 sold for $15 million this summer. The six-bedroom manse in Chilmark was originally listed in July 2015 for $22.5 million, then lingered on the market for years. After a series of price changes, the most recent of which was to $18 million in May 2018, the home sold for far under asking price in June.

Tom Wallace of Sotheby’s International Realty was the principal broker on the sale. According to the Vineyard Gazette, owners David and Patty Schulte of Chicago sold the house to an entity called Menemshovitz Realty Trust.

Back when the Schultes were approached to rent the property to President Obama in 2013, the Gazette reported they were reluctant.

“We harrumphed around a little; we had never rented the house,” David Schulte told the Gazette. “But then I said, well, he is the president for God’s sake, if he would like to use it, fine. I wanted to donate it, but that broke the rules; he had to pay a fair market rent. So that summer we left for two weeks and went to Chicago.”

Presidential history aside, the 9.5-acre parcel is quite the property. The midcentury modern abode, built in 1961, was renovated in 2009 by the Schultes. It’s perched atop a hill, boasting panoramic views of the ocean and Chilmark Pond. The interior is sun-splashed, thanks to skylights, soaring ceilings, and floor-to-ceiling windows. A sleek, modern kitchen connects to an even sleeker living and dining area via a small hallway, while five full bathrooms and two half-bathrooms revel in marble details.

Outside, there’s a heated infinity pool and half-basketball court overlooked by a series of terraces and a screened-in porch. There’s also access to private beach on the island’s South Shore, as well as a shared dock to boot.

And that vintage photo of Michelle and Barack on the side table pictured below? That was included in the sale.

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Photo via Wallace & Co. Sotheby’s International Realty

Source URL: https://www.bostonmagazine.com/property/2018/08/20/obama-marthas-vineyard-vacation-home/