Kate Ward
March 20, 2009 AT 06:21 PM EDT

President Obama has signed a $500,000 book deal, but don’t expect a new memoir to hit shelves. The deal, which was inked five days before his inauguration, guarantees that Obama will pocket $250,000 to adapt his 1995 autobiography, Dreams From My Father, for younger readers (the other $250,000 will be given to the publisher). This new deal brings the Audacity of Hope author’s total book profit — including royalties — to more than $8 million.

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