Here's how much money Barack and Michelle Obama are getting for their memoirs

Before he even left office, speculation swirled about how much money Barack Obama would net for his presidential memoirs, long-expected to draw one of the most lucrative presidential book deals of all time.

Indeed, a bidding war for a pair of books by the Obamas — Barack and Michelle are shopping each of their books together — has already reached a record-breaking $60 million, sources close to the deal told the Financial Timesin a report published Tuesday.

SEE ALSO: Barack Obama hasn't updated his LinkedIn page and now we're even more depressed

Even if you consider the fact that the former first family is going dutch, the figure is still high enough to leave most presidential memoirs in the dust: George W. Bush made an estimated $10 million off of Decision Points, and Bill Clinton's memoir netted a $15 million deal.

Penguin Random House, the publishing house that is reportedly behind the winning bid, didn't immediately respond to a request for comment.

Obama has long had a literary bent — most of his net worth comes from his best-selling books — and there were even rumors Obama would pursue a post-White House career in media.

Sign up for The Payoff — your weekly crash course on how to live your best financial life. Additionally, for all your burning money questions, check out Mic's credit, savings, career, investing and health care hubs for more information — that pays off.

RELATED: Twitter reacts to the Obamas' Valentines Day notes

17 PHOTOS
Twitter reacts to the Obamas' Valentines Day notes
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Twitter reacts to the Obamas' Valentines Day notes
@MichelleObama @BarackObama you never really know the true value of someone until they're gone, appreciate every moment, appreciate them ♥️
.@MichelleObama @BarackObama We miss having class and dignity in the White House!
@MichelleObama @BarackObama We miss you both SO MUCH. Have a fun break, you crazy kids 🙂
@MichelleObama @BarackObama 😭❤
@MichelleObama @BarackObama ok. that's just cute. Hope you're enjoying "retirement" as much as we all think you are!
@MichelleObama @BarackObama We miss u both! Thank u for the example of your committed marriage. Love how graceful u both are come what may.
@MichelleObama @BarackObama whew blessings to y’all. you are missed, but we’ve got it covered for the time being.
@MichelleObama @BarackObama I'm so mad at you both.
@MichelleObama @BarackObama The cutest couple ever!
@MichelleObama @BarackObama COME BACK AND SAVE THE US
@nadiear23 I am so jelly 😍
@alexus_my_dolly @MichelleObama @BarackObama We HATE our new Daddy 😭😭😭
@4evaluvher @MichelleObama @BarackObama our new mom ran off to New York because she doesn't even like him
@MichelleObama @BarackObama miss you mom & dad!! https://t.co/qXoPhslmoe
@MichelleObama @BarackObama. Ok Michelle I love that you and Barack are playing foostie in the sand but we hate our babysitter..COME BACK 😭😭
@MichelleObama @nhdogmom @BarackObama Please come back! USA needs you!
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