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President Obama and the first family left on Thursday for a 10-day vacation on Martha's Vineyard.

For the third consecutive year, the Obamas will head back to the Blue Heron Farm, an expansive $20 million estate in the Chilmark section of the island.

The 28.5 acre secluded waterfront property comes complete with horse paddocks, a boat house and an apple orchard.

According to Tom Wallace, of Wallace and Co. Sotheby's International Realty, the property contains a five-bedroom main house, a Cape Cod guest house, a swimming pool, a golf practice tee, and a half-court basketball court -- a big seller for Obama, a huge fan.

It's the type of place that once you get there, it's not something you want to leave, Wallace told ABC News. It's very tranquil, a great place for a family vacation. The kids will absolutely have a ball, as I'm sure [Obama family dog] Bo will also.

Among a pick of activities, the Obamas can kayak on the West Tisbury Great Pond or relax with a simple game of horseshoes.

While it remains unclear exactly how much the Obamas are paying for the property, some Vineyard estates, particularly those in the towns of Edgartown and Chilmark (where Blue Heron Farm is located) and homes rent for as much as $75,000 a week.

The Obamas will fork over a large chunk of the bill, however, taxpayer funds will be used to pay for Secret Service and staff housing on the property.

Blue Heron Farm previously belonged to the late New York real estate developer M. Anthony Fisher and his wife Anne, who hosted a dinner party on the property for the Clintons in the summer of 1998. The Fishers died in a plane crash April 2003, and the property is now owned by Mississippi Republicans William and Mollie Van Devender (who, incidentally, made contributions to the Republican presidential campaigns of Fred Thompson and John McCain.)

According to a Whitehouse statement in 2009:

The choice of Blue Heron Farm concludes a thorough investigation of Island rental properties which began in the spring. Senior White House aides and members of the Secret Service have examined and rejected more than 20 properties.

Most of the estates in the area are hidden down long winding driveways away from the main thoroughfares.

These quaint corners of Martha's Vineyard are known for attracting celebrities such as Larry David, Ted Danson, Mary Steenburgen, and Jake Gyllenhall.

While unemployment numbers are well above average in Martha's Vineyard, the Obamas remain beloved on the Massachusetts island. Locals are welcoming the boost in tourism numbers that generally come with the president's annual visit.

That end of August business, whether it's the press corps, members of the Secret Service, that's all good for business as far as we're concerned, Nancy Gardella, who heads the Martha's Vineyard Chamber of Commerce, told ABC News. When a head is in a bed, we don't really care whose it is. It just works for our economy.

Have a look at the Blue Heron Farm in the video below: