As far as I know it is real.
I just stumbled on it doing a search for Michelle Obama photos and hot-linked back to the photo as I found it.
Here is the url for the photo:
Remember - back in 2014 Joan Rivers came right out and called Michelle a transsexual and said everybody knows it.
Joan Rivers Quote:
We already have [the first gay president] with Obama, so lets just calm down. You know Michelle is a tranny
a transgender. We all know.
But back in the day, I don't think many black families in Chicago were into that kind of thing.
And there's little doubt in my mind that this is a pic of her as a child.