Prince Harry will receive at least $20 million in advance for his memoirs, which will be published by the same mega-publisher that gave Barack and Michelle Obama a $65 million book deal.
For nearly a year, Harry has been secretly writing a memoir, which he has now sold to Penguin Random House.
While the renegade royal stated on Monday that he will donate all proceeds to charity, it is unclear whether he will keep the multi-million advance — estimated to be at least $20 million by publishing insiders.
Meanwhile, we’ve learned that Harry’s co-writer, power ghostwriter J.R. Moehringer, will receive at least a $1 million advance.
President Barack Obama and former First Lady Michelle Obama were acquired by Penguin Random House CEO Markus Dohle.
The German father of two oversaw the record-breaking deal for their memoirs, with Michelle’s book “Becoming” selling 725,000 copies on the first day of publication, making it the fastest-selling book of 2018.
Last November, President Obama’s 768-page memoir “A Promised Land” sold 800,000 copies on its first day. “But I’m not rubbing it in over dinner,” he said to Jimmy Kimmel, adding that Michelle joked that all of his book sales could help pay for her shoe purchases.
Dohle admitted to the Financial Times in March 2019, “There is always some risk when you do a big deal and this was a very big deal,” he says. “But the commercial risk is part of our business … The first book has worked fantastically well and I have great confidence that the second book (President Obama’s memoirs) will also be a great success.”
Meghan Markle also recently published her children’s book, “The Bench,” with the children’s division of Random House.
“All of us at Penguin Random House are thrilled to publish Prince Harry’s literary memoir and have him join the world-renowned leaders, icons, and change-makers we have been privileged to publish over the years,” Dohle said of the company’s deal with Harry.
“Prince Harry has harnessed his extraordinary life experience as a prince, a soldier, and a knowledgeable advocate for social issues, establishing himself as a global leader recognized for his courage and openness. It is for that reason we’re excited to publish his honest and moving story.”
Since leaving the royal family and relocating to California, Harry and his wife Meghan Markle have followed in the footsteps of the Obamas, inking multimillion-dollar deals with both Netflix and Spotify.
However, while Harry and his wife Meghan Markle are acquainted with the Obamas, they are not considered “close pals.”
Prince Harry’s memoirs, which are expected to be published in late 2022, are not believed to be finished.