Here's the record-breaking sum Barack and Michelle Obama will be paid for their memoirs

Source: AP
Source: AP

Before he even left office, speculation swirled about how much money Barack Obama would net for his presidential memoirs, long-expected to draw one of the most lucrative presidential book deals of all time. 

Indeed, a bidding war for a pair of books by the Obamas — Barack and Michelle are shopping each of their books together — has already reached a record-breaking $60 million, sources close to the deal told the Financial Times in a report published Tuesday.  

Even if you consider the fact that the former first family is going dutch, the figure is still high enough to leave most presidential memoirs in the dust: George W. Bush made an estimated $10 million off of Decision Points, and Bill Clinton's memoir netted a $15 million deal.

Penguin Random House, the publishing house reportedly leading in the race for a winning bid, didn't immediately respond to a request for comment.

Obama has long had a literary bent — most of his net worth comes from his best-selling books — and there were even rumors Obama would pursue a post-White House career in media. 

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James Dennin

James is a staff writer covering money and millennials. Send your tips and your money problems to jdennin@mic.com.

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