According to a new report, bids for the rights to Former President Barack Obama and Former First Lady Michelle Obama's tell-all memoirs about their lives and time in office recently reached a whopping $60 million.
The pricey cost would include two separate books from the political couple that would be sold as a set, the Financial Times revealed earlier this week.
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During the late evening on Tuesday, Feb. 28, The New York Times revealed Barack, 55, and Michelle, 53, have officially inked a deal with Penguin Random House to publish their post-presidential autobiographies. Further details — including the price paid for the project — have not yet been disclosed.
Barack holding a copy of his book The Audacity of Hope in 2006. (Photo Credit: Getty Images)
Penguin Random House — who previously released Barack's three other books — allegedly beat out other major publishers including HarperCollins, Simon & Schuster, and Macmillan to obtain the worldwide rights to the Obamas' memoirs.
"We are absolutely thrilled to continue our publishing partnership with President and Mrs. Obama," Penguin Random House Chief Executive Markus Dohle said in a statement. "With their words and their leadership, they changed the world, and every day, with the books we publish at Penguin Random House, we strive to do the same."
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"Now, we are very much looking forward to working together with President and Mrs. Obama to make each of their books global publishing events of unprecedented scope and significance," Dohle added.
Michelle holding a copy of her book American Grown in 2013. (Photo Credit: Getty Images)
According to the NYT, the publisher plans to donate one million books in the Obama family's name to First Book, a nonprofit organization that provides books to disadvantaged children. The company will additionally work with Open eBooks, the Washington-based partner for the 2016 White House digital education initiative.
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The former First Couple will also donate part of their book advances to several charities, including the Obama Foundation.
If Barack and Michelle do earn $60 million for their books, they would break the record for the most expensive presidential memoir. Former POTUS Bill Clinton previously received $15 million to write a book after his presidency ended in 2000.
Click through the gallery below to see Michelle's most stylish moments!
Michelle at the second Inaugural Ball!