President Obama’s Martha’s Vineyard Vacation Spot Put up for Sale (Exclusive)

Blue Heron Farm, the Martha's Vineyard property that President Obama and his family vacationed at in late August, has been put up for sale.

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The owner, William Van Devender, a Republican timber businessman, is asking $24.5 million for the 28.5-acre estate, which is one of just a handful of large private compounds on the 87-square-mile Massachusetts island.

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The property is due to be formally listed in mid-September.

The compound, which has hosted the Obamas three years running and has been rented out for $50,000 a week, is on Tisbury Great Pond in the town of Chilmark and includes two residences, equestrian facilities, a bocce ball court and a full gym.

"It's the quintessential Vineyard property -- elegant, understated; it doesn't reek of nouveau riche stuff," says Mark Jenkins of Wallace & Co. Sotheby's International Realty, which has the listing. "Perhaps the new owners will want the Obamas to be their guests."

The property also offers immediate access to a private beach on the Atlantic Ocean.

The Obamas cut their vacation short this year due to Hurricane Irene; the family returned to Washington a day early on Aug. 26.

Obama isn't the only president to visit Blue Heron Farm -- Bill Clinton attended a 1998 dinner in his honor there.

Email: Daniel.Miller@THR.com

Twitter: @DanielNMiller