Barack Obama Has Just Purchased This Washington Home For A Hefty Sum
For the most of us, scraping enough together for a 10 percent deposit is tricky. The average detached house price in the UK was almost £350,000 in 2016 - leaving us needing at least £35,000 to put down.
The deposit needed on Barack Obama's latest purchase would be some 18 times greater, a hefty £629,000. The property costs a staggering $8.1m (£6.29m) and sees the Obamas look to settle permanently in Washington after previously renting.
Alongside their two daughters, Sasha and Malia Ann, Barack and Michelle Obama had a comfortable nine years in the White House between 2009 and 2017, but have remained in the American capital since his presidency ended.
They rented the eight-bedroom property after leaving the White House, before splashing out over eight million dollars - according to property records.
Credit: Google Maps
The Obamas have said they plan to remain in Washington DC while their younger daughter, Sasha, finished high school at Sidwell Friends.
Post January, the family settled into a rental home owned by Bill Clinton's press secretary, Joe Lockhart - a 1921-built home, which was renovated just six years ago.
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The Obamas still own a Georgian-style home in the Hyde Park neighbourhood on the South Side of Chicago - the city that will house the Barack Obama Presidential Center, a planned presidential library.
Spokesman Kevin Lewis said in a statement that this represented a logical purchase for the family: "Given that [the] 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 [a] property."
The previous owner, Lockhart, purchased the property in 2014 for $5.295 million (£4.11m) in 2014, meaning he's ensured a tidy little profit on the home.
It's the second-most expensive home in the Kalorama neighbourhood. That record belongs to Jeff Bezos, the Amazon founder and owner of The Washington Post, who paid $23m (£17.85m) on his former Textile-Museum home.
The Obama's neighbours include Ivanka Trump and her husband's senior advisor, Jared Kushner.
At the moment, though, it wouldn't appear that Barack Obama is going to be spending much time in his new house. Recently he and Michelle have been enjoying holidays in French Polynesia and Tuscany.
He's also visited Scotland, mainly for a chat with businessmen and politicians, but also for a round of golf. Just keep him clear of the sugar-free Irn Bru.
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