The former President of the United States and former First lady of the United States, Barack Obama and Michelle Obama, will write their memoirs for $60 million.
The value of the contract has not been made public but the Financial Times estimates that the couple will get $30 million for each volume.
The memoirs of Barack and Michelle Obama will be published by Penguin Random House and the contacts of the Obama family are some of the biggest in history.
James Patterson, U.S. crime author signed a $150 million contract in 2009, however the contact covered 17 books.
This is not the first time when Barack Obama teams up with the Penguin Random House. In the past, the former president teamed up with the publisher to launch “Dreams from my Father ( 1995 ) and “The Audacity of Hope” ( 2006 ), each being sold in more than 3 million copies in the United States alone.
Back in 2010 Barack Obama released a children’s book, ” Of Thee I Sing, A Letter to my Daughters”, in which Barack pays homage to some of the most important figures in U.S. history.
Michelle Obama also published a book about gardening and food, “American Grown”, in 2012.
If the estimate made by the Financial Times is fair, or close to it, Barack Obama and Michelle Obama will surpass Bill Clinton and George W. Bush who received $15 million and $10 million respectively for writing their memoirs.
The value of the contracts signed by Barack and Michelle Obama is proof that the Obama family is still very popular and loved by Americans.