The Obamas are owners of an $11.75 million waterfront mansion in Martha’s Vineyard, officially purchasing the Edgartown Estate this week.

Rumblings of the Obamas multimillion-dollar purchase surfaced in August, but they officially closed the deal this week, joining the elite Martha’s Vineyard community in a nearly 7,000 square foot home that sits on roughly 29 acres, facing the Edgartown Great Pond. The Dukes County Registry of Deeds recorded the $11.75 million price on Wednesday afternoon, per the Vineyard Gazette. The compound was originally listed for sale in 2015 for $22.5 million and dropped to $14.85 million in July 2019.

The listing details the property’s “long and winding driveway, sprawling lawn and incredible water views” and notes that the main residence is “finished with the finest details,” including “multiple seating and entertaining spaces, a modern Chef’s kitchen, and a formal circular dining room surrounded by a wall of windows overlooking the grounds.” It is also equipped with a jacuzzi located off the second-floor balcony.

“There are two guest wings and an impressive master suite with fireplace, private sun deck and spectacular water views,” the listing boasts.

“Your summer days can be spent poolside in a garden-like setting with the sounds of the waves lapping in the distance, or exploring the expansive Great Pond and outer barrier beach for a full day on the water,” it adds.

“The buyer is a nominee trust representing the former First Family. The sellers are Wycliffe Grousbeck and Corinne Basler Grousbeck. Mr. Grousbeck is a private equity investor and owner of the Boston Celtics basketball team,” the Gazette reported.

Additionally, the waterfront home reportedly features “seven bedrooms, eight and a half baths, and several stone fireplaces,” along with a “detached barn and a pool.”

As the Gazette notes, the Obamas have long admired the island, visiting it prior to Barack Obama’s presidency and spending time in the area during his tenure in office. They reportedly rented the Martha’s Vineyard property last summer.

The purchase comes in addition to the $8.1 million home the Obamas purchased in 2017 in Washington, DC’s Kalorama neighborhood. They also own a 6,243-square-foot home in Chicago’s South Side Kenwood neighborhood.

Their latest purchase, however, has called into question the validity of their climate change concerns, as the Edgartown Estate is, in fact, a waterfront property.

As Breitbart News’s John Nolte observed in August:

Regardless of his age, if Global Warming were real, this would be a terrible investment under any circumstance. As this dumb 12-year deadline counts down, it should be property along the coastlines that lose the most value, while inland property rates skyrocket due to overcrowding by leftists fleeing to safety… right? But leftists are not leaving the coast, and the value of coastline property continues to rise. If you want to know what people truly believe, don’t listen to what they say they believe… No, you have to watch what they actually do… And the very same people who are bullying us to give up our cars and beef and grills — because if we don’t, the oceans will rise and destroy the coasts!! — are the very same people living on … the coast.

The purchase follows Michelle Obama lamenting “white flight” during an appearance at the Obama Foundation Summit in Chicago in October:

But unbeknownst to us, we grew up in the period — as I write — called ‘white flight.’ That as families like ours, upstanding families like ours … As we moved in, white folks moved out because they were afraid of what our families represented.

Martha’s Vineyard is just short of 95 percent white. It has less than a two percent black population.