06/06/2010 05:12 am ET | Updated May 25, 2011

Obama's New Next Door Neighbors: House SOLD To Local Buyer For $1.4 Million (PHOTOS)

The President has new neighbors.

After some confusion last week surrounding the sale of a Kenwood home located next door to the Obama's, the house has been sold, Trish Hoffman, a spokeswoman for the property's listing agent told the Huffington Post Tuesday.

Matt Garrison, Managing Director of the Coldwell Banker/Matt Garrison Group in Chicago, announced Tuesday that 5040 South Greenwood Avenue in Chicago has been sold for $1.4 million.

The property was marketed as "The World's Ultimate Gated Community" due to the high-level of security on the street.

Hoffman said the new owners are from Chicago, and paid $1.4 million cash for the 17-room home. Their names were not yet available.

"The original strategy was to try to get a record breaking price," realtor Garrison said in a statement. "Having a home directly next store to the home of a sitting President is an unprecedented situation. We exposed the property worldwide, without a sales price, to see if buyers would step-up and pay a big price. We had conversations with buyers as far away as Saudi Arabia, China, Australia and all over Europe, and had over 100,000 hits on our website. At the end of the day, the property traded to a local buyer for what we felt was a very fair price. The seller is comfortable that we didn't leave any money on the table after all of the interest and exposure we received."

Bill and Jacky Grimshaw lived in the turn-of-the-century home on Greenwood Avenue since 1973, and put it up for sale in September.

The Grimshaws sometimes babysat Sasha and Malia Obama, and Jacky is close to Michelle, NBC reports. The family wanted to move into a smaller condo.

Check out the digs below. All photos by Wayne Cable.

The President's Neighbors: Hyde Park Home For Sale