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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The Aquinnah estate designed by architect Hugh Newell Jacobson known as Red Gate Farm, which was built in 1981, has five bedrooms and five full baths set on a sprawling 340 oceanfront acres, according to Christie's International Real Estate.

The luxe sanctuary is located at the edge of Squibnocket Pond and encompasses more than a mile of Atlantic Ocean beachfront near the famous Cliffs of Gay Head. Onassis purchased the property in 1979 as a summer home and retreat for her family.

Included in the purchase is a 6,456 square foot elegant Cape Cod-style main house where all rooms (except the dining room) overlook the Atlantic Ocean along with a cedar shingled two-story guest home. There are also two freshwater ponds, a vegetable garden, blueberry patch, an outdoor pool, tennis court, boathouse, barn, two garages, a hunting cabin, storage building and three-bedroom caretaker's house and two-bedroom guest/staff apartment.

In 2000, daughter Caroline Kennedy commissioned Deborah Berke, dean of the Yale School of Architecture, to renovate and expand the main residence. “Forty years ago, my mother fell in love with Martha’s Vineyard," Kennedy said in a news release. "When she found Red Gate Farm, it was a perfect expression of her romantic and adventurous spirit. The dunes and ponds and rolling hills of Aquinnah gave her the chance to create a world where she could be so close to nature, close to her family and friends, and, most importantly, close to her beloved books. She even built a fairy treehouse for her grandchildren.”

Here's a look at Red Gate Farm:

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