The former US President and his wife have forked out £6.3million ($8.1million) for the 8,200 square-foot property, located in the upmarket Kalorama neighbourhood in Washington DC.
Kevin Lewis, a spokesman for the couple, told the Chicago Sun-Times: “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.”Related articles
GETTY/AFPThe Obamas have been renting the property since they left the White House
The property, which is comprised of eight bedrooms and nine bathrooms, was previously owned by former Clinton White House press secretary Joe Lockhart and his wife, Giovanna Gray Lockhart.
According to property records filed with the District of Columbia Recorder of Deeds, the Lockharts sold their mansion for $8.1 million to an Obama entity, Homefront Holdings, LLC.
The Lockharts made a tidy profit on the Washington real estate, with records showing that the couple bought it for £4.1million ($5.295million) back in 2014.