It’s no surprise that President Barack Obama and First Lady Michelle Obama are set to make a fortune off of their memoirs when they leave office. In fact, the pair is expected to rake in a combined $40 million paycheck — provided that they share White House gossip about their family and their true feelings about the former President Bill Clinton and his wife, Democratic presidential nominee Hillary Clinton.
Michelle is reportedly set to make $20 million or more in advance for writing about the eight years she spent in the White House, and one sources says that she has already begun working on it, according to a Daily Mail piece from Jerry Oppenheimer, who has written best-selling biographies about the Clintons, Kennedys and Hiltons. Unlike her husband, who has made more than $15 million off of “Dreams from My Father” and other memoirs, Michelle is not a “known quantity” and could rake in a higher paycheck than the president, a top acquisition editor told the Daily Mail.
“Michelle’s more popular and likable than Barack – and definitely more salable, so she’s likely to garner an even bigger advance than the president,” the editor said. “If I jump into the bidding, I’d definitely offer more for her story than his.”
That source went on to say that Michelle “can be very catty” and can provide a unique glimpse into the reality of her years in the White House.
But in order to bring in that large payday, Michelle would need to offer premium gossip, like “the ups and downs of her marriage” and “horror stories about raising her two daughters in the public spotlight,” one publishing executive said.
And that’s not it. Michelle would also have to dish on her thoughts upon meeting with President-elect Donald Trump’s family and her real feelings about Hillary.
“The days of staid presidential and first lady memoirs are long over,” the executive added. “We’re in a tabloid world.”
The $15 million to $20 million price tag for Barack’s post-presidency memoir is in line with past book deals, as Bill took in $15 million for “My Life,” his 2004 memoir, according to Fortune. But in order to receive top dollar, Barack would need to write a tell-all, particularly regarding the Clinton family, including Hillary’s email server, Benghazi, and her unsuccessful bid for the presidency, notes Oppenheimer.
Sources: Daily Mail, Fortune / Photo credit: Gage Skidmore/Flickr