Obama's New House Price, Details: Obamas Purchase Rental Home for $8.1 Million
The Obamas have settled down in their Kalorama rental house in D.C. Recently former president Barack Obama and former first lady Michelle Obama purchased their rental house for $8.1 million.
The family has decided to purchase the home they rented from former president Bill Clinton's press secretary Joe Lockhart. The 8,200-square-foot estate was built in 1921, and was most recently renovated in 2011.
The house comes with nine bedrooms and eight and a half bathrooms. The home's finished basement also provides extra room. In addition, the property includes a large terrace and formal garden, a two-car garage, and a gated courtyard which could fit eight to10 more cars.
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The house is the second most expensive in the neighborhood which the current president's daughter Ivanka Trump and her husband, the president's top adviser, Jared Kushner also call home. The $23 million estate that Jeffrey P. Bezos, founder of Amazon and owner of The Washington Post, bought tops the list.
Although the Obamas have been traveling a lot since they moved out of the White House, the purchase was necessary for the family.
"Given that President and Mrs. Obama will be in Washington for at least another two and a half years, it made sense for them to buy a home rather than continuing to rent property," the Obamas' representative Kevin Lewis said in a statement.
Reports say that the Obamas have decided to stay a little bit longer in the nation's capital while their youngest daughter Sasha, 15, finishes highschool. She attends Sidwell Friends School, the highly selective Quaker school in Maryland, Washington D.C.
The Obamas still own their property in Hyde Park, which is on the south side of Chicago.
Lockhart and his wife, Giovanna Gray Lockhart, purchased the property back in 2014 for $5.3 million.
