Are the Obamas moving to Massachusetts? At least for the summer, they are. (We may see them more often since daughter Malia is currently attending Harvard University in Cambridge).

President Barack Obama and First Lady Michelle Obama have been visiting Martha's Vineyard for years, but the famous former First Family is now in negotiations with Boston Celtics owner Wyc Grousbeck to purchase his island estate for a cool $14.85M.

Photo Credit: Landvest

The near 7,000 square foot watefront estate built in 2001 offers seven bedrooms, nine bathrooms and sits on more than 29 private acres overlooking Edgartown Great Pond. Custom-designed by Bradenburger Taylor Lombardo Architects from San Francisco, and built by island builder, John Early, this lavish home offers a "long and winding driveway, sprawling lawn and incredible water views (that) make for the perfect family compound setting for generations to come," according to the listing.

Photo Credit: Landvest

As for the sprawling estate's interior, highlights include multiple seating and entertaining spaces, a modern chef’s kitchen, and a formal circular dining room surrounded by a wall of windows overlooking the grounds. The listing continues, "The spacious and dramatic living room space boasts vaulted ceilings with exposed steel beams and a focal point stone fireplace. There are two guest wings and an impressive master suite with fireplace, private sun deck and spectacular water views."

79 Turkeyland Cove Road in Edgartown was initially listed for $22.5M four years ago, but Grousbeck dropped the price when it was relisted this year.

Photo Credit: Landvest

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Charles Carlson, a listing agent for the property, comments “"The property's unique size and terrain maximize seclusion and privacy, its proximity to the airport ensures quick access, and for those looking for an active and social lifestyle, Edgartown is just minutes away.”

The property boasts a 35-acre fresh water pond, pristine woodlands, four bedrooms, 5,600 sq. ft, floor to ceiling windows, tennis court, sauna, whirlpool spa, outdoor heated saltwater pool, steam room and massive wine cellar.

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South Light Property LLC has the listing. Photos courtesy of South Light Property LLC.

The post Obama and Family to Vacation in Martha’s Vineyard: Follow the Presidential Trend with this $118M Home appeared first on Haute Residence by Haute Living.