Martha's Vineyard is a magnet for millionaires, CEOs, and celebs - and the Obamas reportedly just bought a $12 million mansion on the island. Here's a look at the rich and famous who flock there every summer.

Martha's Vineyard

ASSOCIATED PRESS

Barack Obama, Chris Paul, and Joe Paulsen golfing.

Martha's Vineyard is the place to be if you're among America's elite.

The island is split up into six towns: Aquinnah, Chilmark, Edgartown, Oak Bluffs, Vineyard Haven, and West Tisbury. It's a mix of sandy beaches, picturesque lighthouses, wildlife sanctuaries - and sprawling, million-dollar estates. And Oak Bluffs, as Business Insider's Aine Cain previously reported, is known for its distinctive and colorful Ginger Bread houses.

While some, like Bill Gates, have been spotted on the island vacationing, others have made long-term real-estate investments in the area. Most recently, the Obamas are leading the news: They reportedly just bought a sprawling waterfront mansion in Edgartown for $11.75 million.

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LandVest Martha's Vineyard

The estate the Obamas have reportedly purchased.

The massive 29-acre estate comes with a nearly 7,000-square-foot mansion and a private beachfront. And, while the nearly $12 million price tag is no small investment, it's far from being one of the most expensive pieces of real estate on the island.

In fact, in Edgartown alone, there are six homes listed for sale on Zillow with asking prices over $14 million.

The Obamas aren't the only ones with real estate on Martha's Vineyard

Many high-profile people have purchased property on Martha's Vineyard, including former first lady Jackie Kennedy, journalist Mike Wallace, television host David Letterman, journalist Diane Sawyer, former chief executive of Colony Capital Richard Saltzman, and film director Spike Lee.

Just this past July, the estate where former first lady Jacqueline (Jackie) Kennedy Onassis spent her summers was put on the market by her daughter Caroline Kennedy with an asking price of $65 million.

Martha's Vineyard

Christie's International Real Estate

Jackie Kennedy's Martha's Vineyard estate.

The stunning 340-acre estate is located in Aquinnah and includes a 6,456-square-foot main house, guest house, hunting cabin, barn, boathouse, storage building, and two garages.

Like the Kennedy estate, Spike Lee's property has also shot up in value over the past few decades. According to Zillow, a property on Martha's Vineyard registered under Spike Lee's name was sold for $390,000 in November of 1989. Now, that property is estimated to be valued at nearly $3 million.

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Google Maps

The home registered under Spike Lee's name in Martha's Vineyard.

The island's population grows from around 17,000 to around 200,000 in the summer

Martha's Vineyard is a hot vacation spot for some of the most influential people in the world. According to the Observer, even Princess Diana would visit the island.

Other high-profile people who have been spotted vacationing there include Bill Gates, Oprah Winfrey, Bill and Hillary Clinton, Amy Schumer, Larry David, and NBA star Chris Paul.

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ASSOCIATED PRESS

Barack and Michelle Obama at Martha's Vineyard Airport.

In fact, even before reportedly purchasing a multimillion-dollar estate, Barack Obama was known to be a big fan of Martha's Vineyard and would visit the island regularly. In fact, in 2015, he kicked off his trip to the island by playing golf with Larry David and Robert Wolf. That year, he stayed in a 17-room house valued at around $12 million.

Of course, it's not just the ultra-wealthy who visit Martha's Vineyard. The island is home to around just 17,000 year-round residents but the population jumps to around 200,000 in the summer. In fact, according to the Martha's Vineyard Chamber of Commerce, 63% of the homes on the island are owned by seasonal residents.

Do you have a tip or story idea about enclaves where the wealthy vacation? Contact this reporter at lbrandt@businessinsider.com.

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