Prince Harry book set to earn him $20 million in Penguin Random House deal

Publishers are set to pay a princely sum for the rights to Prince Harry’s tell-all book, with the royal set too earn a huge multimillion-dollar paycheck.

Prince Harry is getting at least $US20 million ($27 million) upfront to publish his memoirs — with the very same über-publisher that gave Barack and Michelle Obama a $US65 million book deal.

As the New York Post revealed, Harry has been secretly writing a memoir for nearly a year and has now sold it to Penguin Random House.

Britain's Prince Harry, Duke of Sussex, is writing a tell-all book.

While the renegade royal said on Monday he will be donating all the proceeds to charity, it’s yet to be made clear whether he will keep the multimillion advance — believed to be at least $US20 million, according to publishing insiders.

Meanwhile, we’re told that Harry’s co-writer, power ghostwriter J.R. Moehringer, is getting at least $US1 million as an advance.

It was Penguin Random House CEO Markus Dohle who snapped up former President Barack Obama and former first lady Michelle Obama.

Former US President Barack Obama and his wife Michelle.

The German father of two oversaw the record-breaking deal for their memoirs, with Mrs Obama’s book Becoming 2018’s fastest-selling book, selling 725,000 copies on the first day of publication.

President Obama’s lengthy, 768-page memoir A Promised Land sold 800,000 copies in its first day last November. “But I’m not rubbing it in over dinner,” he told Jimmy Kimmel, adding that his wife joked all his book sales could help pay for her shoe purchases.

Michelle Obama’s Becoming book cover.

A Promised Lang by Barack Obama

Mr 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 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.

The Bench. Book by Meghan, Duchess of Sussex.

Speaking of the company’s deal with Harry, Mr Dohle said: “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.

“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 recognised for his courage and openness. It is for that reason we’re excited to publish his honest and moving story.”

Former US President Barack Obama and Prince Harry in 2017.

Harry and his wife, Meghan Markle, have followed in the Obamas’ footsteps since quitting the royal family and moving to California, similarly inking big-money deals with Netflix and Spotify.

But while insiders tell us that Harry and Meghan know the Obamas, they’re not believed to be “close pals.”

Harry isn’t believed to be finished with his memoirs, which will be published in late 2022.

Reps for Random House and the Duke and Duchess of Sussex were unavailable for comment.

Prince Harry is much closer to Jill Biden then he is with Michelle Obama.

This article originally appeared in the New York Post and is republished here with permission