The U.S. real estate market is about to see a shift in the coming months, according to an industry expert.
A Martha’s Vineyard estate where the Obama family vacationed for several summers, known as Blue Heron Farm, was sold to billionaire Les Wexner to the tune of $37 million.
The buyer was a trust managed by Matthew Zieger, who is the attorney of the retail executive, according to a report from the Real Deal.
The home, owned by Norman Foster and his wife, Elena Ochoa Foster, went under contract just weeks after being listed this spring for $39 million, according to reports. The deal closed on July 10, about two months after it listed with Brian Dougherty and Maggie Gold Seelig of real estate behemoth Corcoran, according to reports.
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In the 1960s, Wexner founded The Limited, which later became the retail conglomerate L Brands Inc., whose portfolio of brands included Victoria’s Secret and Bath & Body Works. In 2021, L Brands spun off Victoria’s Secret into an independent, publicly traded company and changed its name to Bath & Body Works, Inc. Both companies began trading independently. Wexner’s name has come back in the headlines in recent years, however, due to his alleged personal and professional relationship with Jeffrey Epstein, who served as his financial advisor until 2007, according to reports.
Fox Business reached out to Matthew Zieger, Brian Dougherty and Maggie Gold Seelig for comment.
U.S. President Barack Obama (R) walks out to make a statement to the press from Blue Heron Farm in Chilmark, Massachusetts, August 26, 2011. (Jim Watson/AFP via Getty Images / Getty Images)
Blue Heron Farm spans 30 acres, with the main house consisting of approximately 7,000 square feet, according to the Wall Street Journal. The property is also equipped with a separate guesthouse with five bedrooms, a large barn and a boat house, according to the outlet.
Amenities for an active lifestyle are also present on the property, including a basketball court, a tennis court and riding rings.
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Former President Obama speaking from a podium at his Martha’s Vineyard home, which has since been sold to L Brands founder Leslie Wexner. (Jewel Samad/AFP via Getty Images / Getty Images)
Under the Foster family’s ownership, Blue Heron Farm has undergone renovations. Its main house has gotten a revamp, with a pool and nearby pool house also being constructed by the family, the Journal reported.
Blue Heron Farm has belonged to the Fosters since 2011.
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President Barack Obama, his wife Michelle Obama and their family stayed at the Martha’s Vineyard estate during the summers of 2009, 2010 and 2011, paying to rent it from its owners before the Fosters, the Journal reported.
