Barack Obama was certainly one of our country’s most iconic presidents, while Michelle Obama was as equally epic in her role as First Lady. That’s why it shouldn’t surprise anyone that now that the vacay is over (kiteboarding with Richard Branson, anyone?), the pair have both been offered book contracts. And while that’s not shocking at all, the amount Michelle and Barack Obama might make from their memoirs will totally blow your mind.
The Obamas may not have made a fortune while Barack was in office (he made around $400,000 per year plus a few expenses, which isn’t bad at all, but isn’t exactly the road to millionaire status, either), but now that they’ve left the White House behind, they could rake in some pretty hefty amounts. In that vein, both Barack and Michelle Obama have signed book deals with Penguin Random House, and though no exact deets were released, buzz was estimating that bidding was above $60 million. Wowza!
However, they won’t be keeping all of it.
The deal will see a “significant portion” of the book deal (again, estimated to be more than $60 million) go to charity. Yep, the Obamas are giving a large chunk of their earnings away. Impressive. And that’s not all! The deal also included an interesting clause, which will see one million books donated in the Obama family’s name to First Book, an organization which provides books to kids in need.
It looks like the Obamas are wanting to make as much of a difference out of the White House as they did while Barack was still president.
What do you think about the Obama’s book deals and what they intend to do with a “significant portion” of the earnings? Let us know @BritandCo!
(h/t The Hollywood Reporter; photos via CHRIS KLEPONIS + Chip Somodevilla/Getty)