Obama's Vineyard Vacation Home Sold For $21.9 Million

BOSTON (CBS) – The Martha's Vineyard estate where President Obama and his family have spent their last three summer vacations has been sold.

Blue Sky MV LTD, a real estate investment corporation organized in late October, bought Blue Heron Farm in Chilmark last week for $21.9 million, according to the Vineyard Gazette.

"The gentleman's farm will be occupied by a high-profile European couple, Lord Norman and Lady Elena Foster of Thames Bank in Great Britain," the paper reported.

He is an architect and she is an arts publisher.

Mississippi businessman William Van Devender bought Blue Heron Farm in 2005 for $20.35 million.

So will the Obamas be back for a fourth vacation?

Maybe not.

"Though Blue Sky MV documents indicate that (realtor) Wallace & Co. will continue to manage Blue Heron Farm, it is understood that the Fosters will not rent out the estate. Lord and Lady Foster maintain several residences both in North America and abroad, and their respective business interests are headquartered overseas," the paper reported.