The Obamas' Favorite Summer Rental Just Sold for $15M

A favorite summer escape of the Obamas just sold for $15 million after three years on the market and many price reductions. The Martha’s Vineyard mansion, where the Obamas frequently summer for two weeks each year, first hit the market in 2015 asking $22.5 million. When that price didn’t do the trick, it reduced to $19.12 million and then $17.75 million in 2017. Sellers David and Patricia Schulte, who are close friends with the former first family, weren’t quite able to use their home’s celebrity clout to garner the price they wanted, but have finally said goodbye to the spacious spread.

Dubbed Chillmark House, the coastal Massachusetts residence sits on 9.5 acres of land and is also home to a pond with a boat dock. The beach, just three empty lots away, is easily accessible by rowboat. Should such an excursion prove too tiresome, the new owners can instead take a dip in the infinity pool, or shoot some hoops on the half-basketball court.

Ideal for entertaining, Chillmark boasts a large, screened-in porch and several terraces outside and interior spaces with some serious views of the water. The 6,697-square-foot home has 6 bedrooms, 5.5 bathrooms, and luxuries ranging from radiant-heated limestone floors to floor-to-ceiling windows. The Observer first reported the major sale. Thomas Wallace of Wallace & Co. Sotheby’s International Reality represented the listing.