Barack and Michelle Obama just dropped $11.75 million on a house on Martha's Vineyard in Massachusetts, Julia Wells reported for The Vineyard Gazette.

Martha's Vineyard is an affluent vacation destination where the Obama family has previously spent summer vacations. Rumors have swirled about the family possibly buying a home there since the former president left office.

The former first family reportedly bought the home through a nominee trust from sellers Wycliffe Grousbeck, who owns the Boston Celtics , and Corinne Basler Grousbeck, according to the Gazette.

The 7-bedroom home spans almost 7,000 square feet and sits on 29 waterfront acres overlooking Edgartown Great Pond, according to the listing . The asking price was $14.85 million.

The listing agents, Gerret Conover and Thomas LeClair of LandVest Martha's Vineyard, declined to comment on the details of the sale. Ronald Rappaport, the attorney for the buyers, according to the Gazette, didn't immediately respond to Business Insider's request for comment.

Take a look inside the sprawling Martha's Vineyard home.

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