Barack and Michelle Obama have closed on their purchase of Boston Celtics owner Wyc Grousbeck's Martha's Vineyard estate.

TMZ reports the Obamas bought the beautiful seven-bedroom, 7,000 sqft home for $11.75 million. The estate was on the market for $14.85 million back in August when rumors first surfaced of the Obama family looking to purchase it.

Take a look at the Obamas' stunning new home below (photos courtesy of LandVest via coldwellbankerhomes.com):

The estate features a pool (above), a chef's kitchen, and an outdoor fireplace.

Grousbeck's former home has 29 acres of beachfront property near the edge of Edgartown Great Pond.

 

The mansion originally was listed for $22.5 million in August 2015.

With two fireplaces, a family kitchen and chef's kitchen, and a huge master bedroom with a sundeck, it's no wonder why the Obamas were attracted by the opportunity to purchase Grousbeck's estate.

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