Barack and Michelle Obama drop almost $12 million on Martha’s Vineyard beach estate: report

Barack and Michelle Obama have splurged $11.75 million on a sprawling beach estate on Martha’s Vineyard, according to the Vineyard Gazette.

The 29-acre Edgartown, Mass., property sits on the shore of the island’s Turkeyland Cove, and the Obamas rented it for several weeks over the summer from Boston Celtics owner Wyc Grousbeck.

Reports surfaced in August that the Obamas enjoyed the cedar-shingle mansion so much they put in an offer to Grousbeck.

The 44th president vacationed on Martha’s Vineyard in the summer throughout his tenure as commander-in-chief.

The Obamas’ new beach pad sit on almost 7,000 square-feet, and it was placed on the market by Grousbeck in 2015, originally for $22.5 million, according to realtor.com.