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Are the Obamas one step closer to being homeowners on Martha’s Vineyard? Perhaps.

The sprawling, multimillion-dollar mansion that former president Barack Obama and his wife, Michelle, were reportedly interested in buying earlier this summer is now under agreement, according to the Martha’s Vineyard Times.

The waterfront estate, which was recently on the market for $14.85 million, is owned by Boston Celtics co-owner Wyc Grousbeck. The Worcester native initially put the Turkeyland Cove Road house on the market for $22 million in 2015, according to realtor.com.

Calls to the Landvest realtors representing the property were not immediately returned.

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It’s quite a lavish spread, boasting seven bedrooms, eight and a half baths, and 29 acres in all. The 7,000-square-foot shingle-style home, located in Edgartown, has a pool and hot tub, an outdoor stone fireplace, soaring vaulted ceilings with exposed beams, a massive kitchen, and plenty of breathtaking views.

The property also has a private beach, if you’re into that sort of thing.

The Obamas have spent plenty of time on the Vineyard, so it’s not surprising they might want to own a piece of the rock themselves. While he was in the White House, Barack Obama and his family vacationed on the Vineyard every year but one. For several summers, the family rented in Chilmark, but this year they rented Grousbeck’s estate.

Michelle Obama was just on the Vineyard again in October, dropping by the Edgartown Public Library where she chatted with young students in the children’s room, according to library director Lisa Sherman.

Hayley Kaufman

Jaclyn Reiss of the Globe Staff contributed to this story. Hayley Kaufman can be reached at hayley.kaufman@globe.com.