Former US president Barack Obama has bought a $US11.75 million house on Martha's Vineyard, media reports say

Former US president Barack Obama has picked up a Martha’s Vineyard mansion for the bargain price of $US11.75 million ($A17.16 million), reports the Vineyard Gazette. 

The property, on more than 11 hectares, was initially listed in 2015 for $US22.5 million – nearly double the price a nominee trust representing the Obamas reportedly paid. 

The price tag dropped to $US16.25 million in June this year, then to $US14.85 million in July, according to the publication, before the Obamas’ trust made the final offer on December 4.

Martha’s Vineyard – a small island off the coast of Massachusetts – is a popular holiday destination for the rich and famous, attracting the likes of Reece Witherspoon and Meg Ryan. 

It’s also where the 1974 Steven Spielberg blockbuster Jaws was filmed, as well as the 1995 remake of the Audrey Hepburn classic, Sabrina. 

The Obamas are well-known summer residents of the island, spending every August there bar one during the former president’s two terms in office. Rumours of the sale had reportedly been circulating for a while, with the former first family renting the house over the recent US summer. 

The seller, private equity investor and Boston Celtics basketball team owner Wycliffe Grousbeck with Corinne Basler Grousbeck, reportedly bought the land in 1998 for $US3.1 million. 

The house was built in 2001 by a local builder and features seven bedrooms, eight and a half bathrooms, a modern kitchen and a circular formal dining room with stunning views to the grounds via expansive windows. 

There are two guest wings, a main suite complete with stone fireplace and a private sundeck with views to the ocean, as well as a pool and a separate barn.

Many other former presidents, including Clinton and Nixon, had also visited the island, though this is reportedly the first time a one-time resident of the White House had bought a property on Martha’s Vineyard.