Photo by Aude Guerrucci-Pool/Getty Images)

Our favorite president and first lady are now homeowners on Martha’s Vineyard. Guess who’s coming to dinner? (I mean, we can wish)

Barack and Michelle Obama reportedly plunked down $11.75 million to buy the 6,892-square-foot home in Edgartown this week, according to the Vineyard Gazette. The house was actually sold to a nominee trust representing the Obamas. The trust lists Obama family friend, James F. Reynolds, a Chicago investment banker, as trustee. Reynolds and Obama have been friends since his days as a state senator and he was also part of Obama’s national finance committee during the 2008 election, reported PEOPLE magazine.

The Obamas were able to live in the mansion over the summer before ultimately deciding to purchase it, reported the Gazette and TMZ. Wycliffe Grousbeck, who owns the Boston Celtics, and Corinne Basler Grousbeck sold the house to the trust.

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Built in 2001, the estate features seven bedrooms, eight and a half baths and multiple stone fireplaces. The grounds reportedly encompass 29.3 acres. The house is located next to the Edgartown Great Pond and has gorgeous ocean views.

The property has been listed on the market since 2015. Initially, it was listed for $22.5 million, but that price dropped twice this summer – from $16.25 million in June to $14.85 million in July.

The Obamas have long vacationed on the vineyard so this seems like such a perfect location for them to choose for a family estate.

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And the timing is also great. This has been such a knock-out year for the Obamas. Our forever FLOTUS sold more than 11 million copies of her memoir, “Becoming,” and was named one of PEOPLE magazine’s four “People of the Year” this week. Meanwhile, President Obama is busy writing his own memoir, which may drop next year.

Both have also done a bunch of philanthropic work with their foundation.

We couldn’t be more ecstatic for them!