Those who follow the celebrity world will be well aware that Barack Obama and his family have a soft spot for the Massachusetts island of Martha’s Vineyard. It is common knowledge that the family spent seven of the last eight summers on the idyllic island during his time at the White House. It will therefore come as no surprise to learn that rumours are rife that the Obama family is looking at two potential land plots on which to build their dream family home.
Privacy and value for money
Sometimes privacy and value for money do not always go hand-in-hand. The fact that even local estate agents on the island are reluctant to comment on the Obama rumours says everything. It is also worth remembering that the likes of Bill Clinton, David Letterman, Larry David and Alan Dershowitz are already residents in the area. Apparently, the rich and famous can move among “common circles” with little hassle while returning to their homes for maximum privacy.
The Boston Globe is on top of these rumours confirming that reliable sources have cited the regions of Aquinnah, Chilmark and West Tisbury as potential destinations for the Obama’s. These are some of the less well populated areas of the island but if you think that the land plots are “going cheap” then you may need to think again!
Red Gate Farm
Red Gate Farm was previously owned by Jacqueline Kennedy Onassis before it was passed down to Caroline Kennedy. It was then that the land in Aquinnah was re-parcelled creating the two plots in which former president Barack Obama appears to be interested in. Plot one is a 75 acre site at 8 Red Gate Farm Road which is listed for a cool $15 million. The second plot is a 40 acre parcel of land at 6 Red Gate Farm Road which is listed for an eye watering $12 million. When you consider the differential between the acreage we can only assume it is the quality of the land/location which is impacting the listing prices.
While this is a significant investment on top of the cost of building their dream home there is no doubt that the stunning views are priceless. The ability to maintain privacy while mixing with the locals as and when desired is something which many celebrities and obviously a former president value highly. It is difficult to say with any certainty whether these two parcels offer “value for money” because nearby 3 Red Gate Farm Road is valued “just” $12.7 million even though it is a 106 acre plot.
Insiders believe that there is scope for a discounted purchase especially when you bear in mind these two plots have been on the market for more than 80 days. The fact that there are also other plots available in the region may also encourage a reduction in the headline list price.
Barack Obama and his dream home
It is difficult to say with any real certainty how much it would cost to build a dream property on one of these plots but we do know there are challenges. The Obama’s would need to deal with licensing, permits, ground preparation as well as the challenges of building a property near the ocean and the sea air which can erode paintwork. When you also consider the cost of employing contractors in the region this will certainly end up being an expensive project. However, as a former president of the USA Barack Obama has built up significant wealth, has a variety of business interests and in tandem with his former “friend” Tony Blair, he seems to have the time, money and drive to build his own real estate empire.