Obama Eyes $1 Billion Post-Presidency Plan With Some Help From His Celebrity Friends

President Barack Obama has been putting a lot of thought and effort into his post presidency plans, which includes an effort to raise $1 billion for his presidential library and a global foundation, The New York Times reported.

The $1 billion would be twice what his predecessor George W. Bush raised for his presidential library and other programs.

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The preparation has included a dinner at the White House with would-be donors to the library in Chicago and global foundation. Guests included Reid Hoffman, the founder of LinkedIn; novelist Toni Morrison; hedge fund manager Marc Lasry; Silicon Valley venture capitalist John Doerr; journalist and author Malcolm Gladwell; actress Eva Longoria and Sun Microsystems co-founder Vinod Khosla.

The Times reported the dinner was in February and went until 2 a.m., and that the Obamas didn’t directly ask the guests for contributions to the library. But the newspaper reported it was part of an effort by top Obama loyalists inside and outside the White House to recruit donors for the post-presidential activities.

The $1 billion would be used to establish a “digital first” presidential library with new modern technologies, and a global philanthropic foundation. The immediate goal is $800 million, aides told the Times.

Thus far, Obama raised $5.4 million from 12 donors who gave between $100,000 to $1 million. Chicago businessman Michael J. Sacks gave $666,666; Chicago TV station owner and Democratic mega donor Fred Eychaner, donated $1 million; private equity executive Mark T. Gallogly and technology executive James H. Simons each gave $340,000 to a foundation set up for the Obama presidential library.

This month, officials will kickoff a search for an architect for the Obama presidential library in Chicago. The library board included Doerr, as well as Julianna Smoot, Obama’s chief campaign fundraiser in 2008 and 2012.

Though the library will be in Chicago, aides told the Times the Obamas could live in Washington after January 2017 while Sasha, 14, their younger daughter, finished high school. Other aides told the Times that Obama might also have an office on the campus of Columbia University in New York, where he graduated in 1983.

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