Snail Road home sold for $15 million.
Mark Alan Lovewell

Former Obama Vacation Home Is Sold

<p>The Chilmark home rented by President Obama and his family for a 2013 family vacation sold June 1 for $15 million.</p>

The Chilmark home rented by President Obama and his family for a 2013 family vacation sold June 1 for $15 million.

The home on Snail Road owned by David and Patty Schulte of Chicago and Chilmark had been on the market for several years. The buyer was Menemshovitz Realty Trust, represented by an attorney at Gibbons Law Firm in New York city.

Wallace and Co. Sotheby’s International had the listing, with Tom Wallace as principal broker. According to the online listing, the sale price did not include an additional purchase of furnishings and art for $2.35 million.

The contemporary style, 7,000-square-foot house sits of 9.5 acres of land with views of Chilmark Pond and the south shore beyond. The house was built in 2006 and includes a host of amenities, including a guest house, heated infinity pool, basketball court, and access to a private ocean beach.

The Schultes bought the property in 2000 and built a new home to replace an old camp. In 2015 Mr. Schulte told the Gazette that he and his wife decided to put the property up for sale because of changing family needs. The original asking price was $22.5 million.

In 2013 the Schultes rented the property to the Obama family for a 10-day summer vacation. Mr. Schulte was a long-time supporter of the president, but the family was initially reluctant to rent their home when Mr. Wallace, also the chief rental agent for the Obamas on the Vineyard, approached them with the idea.

“We harrumphed around a little; we had never rented the house,” Mr. Schulte said during the 2015 interview. “But then I said, well, he is the President for God’s sake, if he would like to use it, fine. I wanted to donate it, but that broke the rules; he had to pay a fair market rent. So that summer we left for two weeks and went to Chicago.”

Part of South Road was closed to traffic during the president’s visit because of security concerns. The closure was met with criticism from residents and local businesses.

The next year the Obama family rented a home down a long dirt road off North Road.

Comments

Submitted by Anonymous (not verified) on Mon, 06/04/2018 - 18:01

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Doug OB

Being in the biz this was a good and solid buy . I personally don’t like the space but it’s a slice of history.

Submitted by Anonymous (not verified) on Mon, 06/04/2018 - 18:20

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Alan OB

Great property, excellent location I don't think the appraisal will support the selling price..

Submitted by Anonymous (not verified) on Mon, 06/04/2018 - 18:25

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Jim J. Edgartown

I am stunned to see this sell for $15 million! I thought this would sell for 20 million +...

Submitted by Anonymous (not verified) on Mon, 06/04/2018 - 18:39

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Fred Island wide

I like the house . I don’t love it. The House is not have a Vineyard feel or look . That being said - I hope the new owners love their new home.

Submitted by Anonymous (not verified) on Mon, 06/04/2018 - 20:17

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Tom Engley West Tisbury

I’ve worked at the house did a wedding for the Schulte family was a great party Home. New when we did the wedding. I remember it was white wine only. David and Patty are real people hope you guys keep coming to MV.

Submitted by Anonymous (not verified) on Tue, 06/05/2018 - 11:27

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Emily

It's not about the house. It's about the land and the proximity to the sea. Glorious and magical. You can't put a price on it. That is a human game. We are simply keepers of the Earth. I'm so glad the Obamas got to stay there. The gifts of God for the people of God.

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