Martha's Vineyard House Once Rented by the Obama Family Lists for $22.5 Million

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A Martha's Vineyard home rented by President Barack Obama and his family in the summer of 2013 is on the market for $22.5 million, said listing agent Tom Wallace of Wallace & Co. Sotheby's International Realty.

Located on a high ridge overlooking the ocean, the Chilmark property has a private road and is on more than 9 acres, Mr. Wallace said. The home measures about 7,000 square feet and has four bedrooms, as well as a gym and floor-to-ceiling windows. The master suite has a study with a fireplace, his and hers bathrooms, and a private deck. On the grounds, there is an infinity-edge pool, a guesthouse, an outdoor kitchen and a basketball court. There are five outdoor showers.

The home is owned by Obama supporters David and Patricia Schulte, who live primarily in Chicago. Mr. Schulte is the founder of the merchant banking firm Chilmark Partners. They completed construction on the house about 10 years ago, according to Mr. Wallace, who said the Schultes are selling because several of their children now live on the West Coast and they don't use the property as much as in the past.

The Obamas have vacationed for years on the Vineyard, located 7 miles off Cape Cod. The rural town of Chilmark was attractive to the Obamas in part because of its seclusion, said Mr. Wallace, who rented the home to the family in August of 2013. He added that the property hasn't been available for rent since then, so he found the Obama family a different Vineyard property for the summer of 2014. He declined to comment on the Obamas' plans for this summer. The White House press office didn't respond to a request for comment.

Lois Planco of Compass is marketing the property in New York City.