
The Obamas are likely celebrating as they have closed the deal on a massive seven-bedroom mansion on Martha's Vineyard.

The former President and First Lady received the keys to their new mega-home which occupies 29 acres of beachfront property.

The couple have been eyeing up the property since staying there last summer after it was put on the market by Celtics owner Wyc Grousbeck.

Barack and Michelle Obama have reportedly bought a sprawling estate in Martha's Vineyard from Boston Celtics owner Wyc Grousbeck

Outside the main house, there's 29 beachfront acres, a pool (pictured), chef's kitchen, outdoor fireplace, and two guest wings. Grousbeck had the property on the market for four years, first listing it in 2015 for $22.5 million

There are stunning views of the ocean from this rotunda in the home which plenty of light allowed to stream in

The home was on the market for $14.85 million, and features seven-bedrooms and nine bathrooms inside the 7,000sq ft main residence

A map showing the location of the Martha's Vineyard estate in the state of Massachusetts

The house was originally listed for $14,850,000 but TMZ reports the Obamas managed to obtain a huge discount and secured the 6,900sq ft home for $11.75 million.

The enormous property has a swimming pool, outdoor fire pit and vaulted ceilings.

The are also two wings which run from the main house which is perfect to host guests.

Outdoors, the land comes with its own private beach, a boathouse and has plenty of land if the Obama's were hoping to expand.

'It's a remarkable home on an absolutely gorgeous setting,' listing agent Tom Wallace previously said 'privacy is a key feature of the property.

The Obamas won't be the first Presidential family to buy up on the Massachusetts Island. Jackie Kennedy-Onassis kept a home there until her death in 1994, and the summer resort was popular with the whole Kennedy dynasty

Grousbeck's former home, (pictured) which was built in 2001, has huge amounts of land if the Obamas were hoping to expand

The outdoor deck has a decent sized lap-pool and plenty of space for sunning, swimming and hosting

The sprawling lawn and incredible water views make for the perfect family compound setting for generations to come

The home features two fire places, and is white throughout and is surrounded by emerald-green lawns

As well as the modern family kitchen (pictured) the homes also features a chef's kitchen

The spacious and dramatic living room space boasts vaulted ceilings with exposed steel beams and a focal point stone fireplace

The couple have been eyeing up the property since staying there last summer after it was put on the market

You would feel clean just walking into this all-white bathroom... just one of nine to choose from in the mega-mansion

'It certainly has the capacity to expand to more of a compound. One could build two additional full-size properties if one wanted to create a generational meeting place' he added.

Their new home is on the edge of Edgartown Great Pond, with views of the Atlantic Ocean.

It features predominantly white interiors but is surrounded by emerald-green lawns.

Michelle and Barack will have a lot of space to relax, as the master bedroom opens up to a sundeck, while their daughters will have plenty of room to enjoy long summer breaks there.

Michelle and Barack will have a lot of space to relax, as the master bedroom (pictured) opens up to a sundeck

The impressive master suite leads out to a private sundeck with views of the gardens and ocean beyond

One of the seven bedrooms can sleep four with bunkbeds perfect for sleepovers when Sasha and Malia are back home

A games room comes with a white billiards table and beautifully varnished wooden floors than run throughout the home

There are 2 wings and an impressive master suite with fireplace and private sundeck

The home oozes relaxation with everything decorated in soft shades of white and gray

Malia, 21, is currently studying at Harvard University, while Sasha, 18, has just Sidwell Friends School in Washington D.C.

The couple appeared to fall in love with the mansion last summer when they were renting it for their summer vacation.

Now, life can truly feel like a permanent holiday as the Presidential couple have now bought the home for themselves.

Last year, the Obamas sold their summer home on the island for $15 million. They are no strangers to the island having spent seven summers there while Barack was President.

The Obamas won't be the first Presidential family to buy up on the Massachusetts Island.

Jackie Kennedy-Onassis kept a home there until her death in 1994, and the summer resort was popular with the whole Kennedy dynasty.

A spiral staircase links the floors of the home with a beautifully stone flagged floor

On of the nine bathrooms is pictures here which appears to be gleaming in pristine white tiles and marble tops