Build error "/usr/local/lib/libpython2.7.a: error adding symbols: Bad value"

I have been attempting to build gnuradio from the source and have
encountered this error which is obviously related to my Python
installation.

I have built Python2.7.8 from source with the confguration:

./configure --enable-shared --prefix=/usr/local

I have read that without the --enable-shared switch any embedded
application will not have proper permissions for using python. However,
the
error persists.

Suggestions appreciated
Tom