Barack and Michelle Obama will be able to continue their swanky lifestyle after leaving the White House, if recent reports are to be believed. They each have received book deals and could potentially make nearly $45 million, according to estimates released by the New York Times on Monday.
Literary agents and major publishers guessed that Barack and Michelle Obama could make $20 to $45 million from book deals after January — more than enough to finance the couple’s post-presidency life and their $22,000 monthly rent for a swanky mansion in the North West neighborhood of D.C.
“His is going to be easily the most valuable presidential memoir ever,” Raphael Sagalyn — from the ICM/Sagalyn Literary Agency — said. “And I think Michelle Obama has the opportunity to sell the most valuable first lady memoir in history.”
Sagalyn estimated that Obama could make $30 million with a two or three book contract.
“You’re going to sell a lot of books when you first publish Obama’s memoir, but you could also sell a lot to your children’s children,” David Black, a New York literary agent, also said.
“That doesn’t happen all that often, but because this guy’s a real writer, it has a good chance.”
The White House declined to comment on the president’s potential earnings.
“There will be plenty of time post-presidency to discuss books and book contracts, but for now the focus of the president and first lady is on squeezing every last ounce of progress out of the next five months,” Jen Psaki, the White House communications director, told the Times.
Obama has written four books already.