President Obama’s 2013 summer rental has just received a multi-million-dollar price cut. The Martha’s Vineyard property has been reduced from $22.5 million to $19.125 million.

Set 120 feet above the Atlantic, the spectacular home designed by architect Rick Sundberg features a flowing, open interior layout. The Chilmark home that served as the Obamas’ summer vacation spot was built in 2006 and has six bedrooms, five full bathrooms, and two half baths.

With plenty of skylights and walls of windows, the home’s unique design allows for plenty of natural light and breathtaking views of the ocean.

Precast concrete fireplace mantles, marble baths, and oak and radiant-heated limestone floors add a flair of luxury to the interior design.

Outside, a half-basketball court, large screened porch, several outdoor terraces, and a heated infinity pool offer loads of space for outdoor fun. A two-bedroom guest cottage is also found on the 9.5-acre property.