Barack and Michelle Obama Seal Historic Book Deals Reportedly Worth Over $60 Million

Now that their deserved island vacation is over, Barack and Michelle Obama are getting back to business: Both the former President and First Lady are selling the rights to their memoirs, reports the Financial Times. According to the report, multiple publishers are in engaged in a bidding war for the global rights to each book, with the current price reportedly topping more than $60 million—a record-breaking sum. To put that in context, the rights to books written by Bill Clinton and George W. Bush sold for $15 million and $10 million, respectively.

The Financial Times reports that publishers including Penguin Random House, HarperCollins, and Simon & Schuster are all vying to be the house to make the deal, though Penguin Random House seems to be a front-runner having published the former POTUS’ first three books "Dreams From My Father," "The Audacity of Hope," and "Of Thee I Sing," as well as Michelle’s book, "American Grown: The Story of the White House Kitchen Garden and Gardens Across America."

Though their administration concluded just over a month ago, the Obamas wasted no time getting the ball rolling on continuing to improve the lives of American citizens. On their last day in office, they launched the Obama Foundation, a "living, working center for citizenship," and several weeks ago, they announced the launch of an intern program in Washington, D.C.

No word on when the books are set to hit shelves, but we do know the Obamas are writing theirs separately but selling the rights jointly, according to the Financial Times.

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