PHOTO: This Martha’s Vineyard home was reportedly bought by former US President Barack Obama and his family. Photo: LandVest Martha’s Vineyard

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.