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Former President Barack Obama and First Lady Michelle Obama paid $8.1 million for the nine-bedroom mansion in the District of Columbia that they were renting, The New York Times reports.

“Given that 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 property,” the Obamas’ spokeman Kevin Lewis said in a statement, according to The Washington Post.

The house is in the Kalorama neighborhood, a swanky community that is home to diplomats and political leaders. Their neighbors include President Donald Trump’s daughter Ivanka Trump and son-in-law Jared Kushner, who are reportedly renting their home for $15,000 a month.

The Obamas’ home is the second most expensive house in the neighborhood. Jeffrey Bezos, the Amazon founder and owner of The Washington Post, paid $23 million for his house in Kalorama.

They’re expected to live in the house while their youngest daughter, Sasha, is still in high school.

SOURCE:  New York Times, Washington Post

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