President and Mrs. Obama stand to reap tens of millions of dollars from book deals after they leave the White House, with the president’s portion ranging anywhere from $10 million all the way up to $30 million, according to the New York Times.
From the report:
All of those goals, serious or not, might soon be achievable if Mr. Obama and his wife, Michelle, sign post-presidency book contracts for what literary agents and major publishers say could amount to $20 million to $45 million — more than enough to pay the estimated $22,000 monthly rent for the nine-bedroom home they will occupy in the Kalorama neighborhood of Washington and foot the bill for flights on private jets.
“His is going to be easily the most valuable presidential memoir ever,” said Raphael Sagalyn of the ICM/Sagalyn Literary Agency, who predicted that Mr. Obama could earn as much as $30 million with a two- or three-book contract. “And I think Michelle Obama has the opportunity to sell the most valuable first lady memoir in history.”
Other agents suggested similar numbers, but publishers — who are the ones who actually sign authors’ checks — balked at such lofty evaluations, with several saying Mr. Obama is unlikely to earn more than $12 million and Mrs. Obama $10 million.
Of course, writing books is how Obama got rich in the first place. At least, writing books combined with running for president. Obama wrote a couple of autobiographies while still a young man and then reaped millions once he became famous seeking the White House.
Remember, these numbers do not include the $500,000 a pop – or whatever – Obama will get for showing up for half an hour and delivering some wisdom to Wall Street bankers and other fat cats he previously was trying to put out of business.
Looks like they may be able to retire early at 62 and survive on the reduced benefits.