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Report: The Obama Family Is Purchasing Massive Martha’s Vineyards Mansion

President Barack Obama reacts with a gesture on stage as he listens to a speech by Hillary Clinton at the Charlotte Convention Center. Shutterstock

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William Davis Contributor
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Former President Barack Obama and first lady Michelle are reportedly set to purchase a mega-mansion in Martha’s Vineyard.

The Obamas will purchase the house from Boston Celtics owner Wyc Grousbeck for a discount, according to a report published by TMZ Thursday. The property contains 29 beachfront acres, 7 bedrooms, and is listed at $14,850,000. (RELATED: Democrats Are Trashing President Obama’s Legacy)

The report stated that the former first family rented the house for the summer and enjoyed it so much that they decided to purchase it.

The house also includes a Jacuzzi, a pool, and an outdoor fireplace among other amenities. The Obama’s currently reside in an $8.1 million mansion in Washington, D.C. (RELATED: Obamacare’s Most Regressive Provision Is Still Hurting Poor Americans: The Smoking Penalty)

The former president has criticized wealthy people for their big houses before. During a speech in South Africa last year, the president lamented the issue of income inequality, and blamed wealthy people for living excessively lavish lifestyles.

“There’s only so much you can eat. There’s only so big a house you can have,” Obama said at the time.  “There’s only so many nice trips you can take. I mean, it’s enough.”

The former president has a net worth of roughly $40 million, according to an estimate by gobankingrates.net.