Obamas shell out nearly $12 million for new home on Martha’s Vineyard: Report

Former President Barack Obama and his wife Michelle are doing pretty well for themselves post-White House. They’ve been raking in the dough via book sales and speaking engagement fees, and they’re fully enjoying the fruits of their labors.

Case in point: the former president and first lady just purchased a home on posh Massachusetts vacation spot Martha’s Vineyard for a reported $11.75 million, Fox News reported.

Living the dream

Barack Obama made no secret of the fact he and Michelle were struggling financially when he was elected to office. He often told stories of being cash-strapped and once even stated that his credit card had been turned down for being maxed out.

Those days, however, seem to be over. The new home for the Obamas sits on one of the most majestic areas of Martha’s Vineyard.

Earlier this week, the Vineyard Gazette did an article featuring the new home, which sits on 29 acres.

According to the article, the home has eight full bathrooms and one half bathroom, seven bedrooms, and a private swimming pool.

Once the Obamas get the keys to this home, they can hang them on the hook next to the keys to their $8.1 million D.C. home.

Cashing in

You may be wondering how Obama could possibly afford such a home on his paltry presidential pension. Well, as it turns out, both Michelle and Barack Obama have cashed in big-time on their days living at 1600 Pennsylvania Avenue.

According to reports, Michelle on her own was given a $65 million advance for her book, Becoming. The celebrity couple also recently nabbed a $50 million Netflix deal for their production company, Higher Ground Productions.

That is not to mention the money Barack will rake in for his upcoming book, conveniently timed to be released right in the heart of the Democrat primary race.

We should also mention both Barack and Michelle are now being paid hefty six-figure fees every time they take the podium at private events. It’s clear they aren’t hurting for cash nowadays.

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