Barack and Michelle Obama are reportedly about to expand their real estate portfolio. TMZ reports that the former first couple is about to purchase an almost $15 million mansion in Martha’s Vineyard. According to TMZ, Barack and Michelle have been renting the home as a summer getaway but now want to own it outright. They are also reportedly currently in escrow for the property. It’s listed with a $15 million price tag but the former president and first lady will end up spending less, TMZ‘s sources claim.
The mansion sits on a staggering 29 beachfront acres. The house itself is about 6,900 square feet with 7 bedrooms. It also features a swimming pool, a fireplace, multiple guest wings, a Jacuzzi on the second floor, and a number of other luxurious perks, like a boathouse and a private beachfront.
You may be wondering how the former first couple pays for a major real estate purchase like this. According to Business Insider, Barack and Michelle have been generating income in a variety of ways since leaving the White House.
Michelle released her memoir, Becoming, late last year. The BBC reported back in March that the book has sold 10 million copies. Her publisher, Bertelsmann, paid $60 million for the rights to her story, as well as the story of her husband, though Barack’s presidential memoir hasn’t been released yet. The 44th President of The United States previously released two memoirs, Dreams Of My Father and The Audacity Of Hope, both released prior to him becoming president.
Michelle and Barack have also signed a deal with Netflix to develop content for the streaming platform.
According to a statement from Netflix released last year, it’s a “multi-year agreement to produce films and series… including scripted series, unscripted series, docu-series, documentaries, and features,” People Magazine noted.
View this post on Instagram
I’m so thrilled to be in Europe this week! We kicked off our trip in Copenhagen, tonight we’re in Stockholm, and we’ll also make our way to Oslo, London, Paris, and Amsterdam. I’m so excited to visit these beautiful cities and can’t wait to hear the inspiring stories from so many new faces. And I want to keep hearing from all of you! What questions do you have? Share in the comments below.????????#IAmBecoming
The Obamas now have a production company called Higher Ground Productions meant to facilitate their content creation. As People also notes, they’ve recently debuted their first documentary under the Netflix deal called American Factory.
The film follows the workers of a factory in Ohio that’s owned by a Chinese billionaire and located in a former General Motors plant.
In a chat with the filmmakers, Michelle explained why she connected to the film.
“Those first scenes of those folks on the floor in their uniforms, that was my background, that was my father,” she said. “And that was reflected in this film.”
BGR notes that the film has been getting “rave reviews,” but Netflix is known for their reluctance to release official viewer statistics. So, we may never find out how many people are watching the Obamas’ content.
View this post on Instagram
A good story helps us see the world outside of ourselves. It can help us feel a sort of solidarity with each other. And it’s one of our biggest goals with the stories we’re going to tell with Higher Ground. Part of this project is trying to make the world a little bit better for all our children and grandchildren. Because if we can put some better stories out there and make sure were hearing each other, we’re going to see a generation that is more tolerant, more inclusive, and better equipped to take on the challenges we face. Higher Ground’s first film, American Factory, is a complicated story with no easy solutions. But to me, it shows the value in recognizing someone else’s perspective. So take a look at our conversation with the directors, and check out American Factory on Netflix.