Obama Neighbor's Home Goes for $1.4M

Chicago - President Barack Obama is about to get some new neighbors.

A Chicago couple finalized Tuesday their $1.4 million purchase of the house next to Obama's home on the city's South Side. The selling price was $400,000 below the home's original list price.

The Kenwood neighborhood mansion had been marketed worldwide to try and maximize the selling price, and the website for the home drew more than 100,000 hits.

The buyers wanted to keep their names private, and are not expected to move in until after extensive renovations are done to the turn of the century home.

When they do, they will move into a neighborhood that has been billed as "The World's Ultimate Gated Community," because of the security provided by the Secret Service.

The home at 5040 South Greenwood Avenue drew interest from people around the world, including Saudi Arabia, Australia and China according to Matt Garrison, who was the listing agent.

The Secret Service continues to guard the entire block and access is restricted to those who live there and their guests. Garrison said he had to provide the Secret Service with the names of all the potential buyers before he could bring them in for a showing, but he says agents were cooperative and "great" to work with.