Self-published Iowa writer gets seven-figure deal from Penguin

The Des Moines Register reports that Tracy Garvis Graves, an author whose manuscript was rejected by 14 publishers before she decided to publish it herself, has just signed a two-book deal with Penguin imprint Dutton & Plume for what she reports as "seven figures." The contract covers On the Island, the title that she self-published, and Covet, a novel to be released in 2013.

Graves' manuscript was rejected by 40 book agents and 14 publishers before she spent $1,500 for editing and formatting and posted the eBook to Amazon. It only sold 100 copies in the first month, but then sales took off, thanks to word-of-mouth and thousands of positive online reviews. She's also released the title as a paperback, and as of last week, it rose to #7 on the New York Times' combined print and eBook bestseller list. Amazon, HarperCollins and Dutton & Plume all bid for book rights; Graves sold the rights to Dutton & Plume because of Penguin's relationship with Temple Hill Entertainment, the production company that made the "Twilight" films. They also work with MGM, which acquired the film rights to On the Island.

Graves has quit her day job at Wells Fargo Bank and is focusing on writing her second book.