President Barack Obama, the best-selling author who received royalties of $2.5 million last year, has signed a deal for a youth-oriented version of his published memoir and a nonfiction book after he leaves office.
Obama reached a deal in early January, shortly before his inauguration, for an abridged version of “Dreams From My Father” that would suitable for middle school or young adult readers. Crown Publishing Group is giving him a $500,000 advance plus 15 percent of the U.S. sales price for hardcover book sales and up to 10 percent for the domestic price for paperback sales.
As part of the deal, he also will deliver a new nonfiction book after he leaves office. Obama didn’t indicate how much his deal for the new book might be worth. Terms likely would be negotiated at the end of his term. Former President Bill Clinton got $15 million for his book, “My Life.”
Obama received nearly $2.5 million in book royalties last year for his two best-selling works _ “Dreams From My Father,” which was written before he was elected to the Senate from Illinois, and “The Audacity of Hope.”
Obama filed a financial disclosure report this week covering January through Nov. 16, 2008, when he left the Senate. It shows that he and his wife, Michelle, have $1.3 million to $5.7 million in assets, which does not include their Chicago home. In addition, they have up to $550,000 in college savings plans for their two daughters.
The Obamas’ holdings include $1 million to $5 million in Treasury bills purchased in October. They sold $500,000 to $1 million in Treasury notes last April, according to the report.
The book deal was first reported Wednesday by Congressional Quarterly.