Obama inks new book deal, earns big from writing

US President Barack Obama has signed a new book deal worth $500,000.

News about Obama's new book plan was revealed in a disclosure form filed on Tuesday which showed that the 47- year-old President had signed a new $500,000 book agreement five days before taking office on January 20. Aides said Obama would receive $250,000 of that for an adaptation of his autobiography, Dreams From My Father, for young readers. The other $250,000 will go to the publisher in the deal, the New York Times reported.

Obama had earned a whopping $2.46 million in royalties last year as an author.

Obama has written two best-selling books, Dreams From My Father: A Story of Race and Inheritance, published in 1995, and The Audacity of Hope: Thoughts on Reclaiming the American Dream, published in 2006.