It has been called the greatest real estate bargain in history. One million square miles of French-claimed land were purchased at 4 cents an acre, more than doubling the size of the United States. What was this bargain called and who is responsible for it

In 1803, President Thomas Jefferson sought to purchase the vital port of New Orleans from France to ensure American access to the Mississippi River. He sent diplomats with a budget of $10 million, but they were met with a surprising and much larger offer. French leader Napoleon Bonaparte, needing money to fund his wars in Europe and having recently lost a key colonial outpost in Haiti, offered to sell the entire Louisiana Territory.

The American negotiators quickly agreed to a price of $15 million. For this sum, the United States acquired over 828,000 square miles of territory, stretching from the Mississippi River to the Rocky Mountains. This calculated out to a staggeringly low price of less than four cents per acre. The historic transaction more than doubled the size of the young country, securing vast natural resources and paving the way for westward expansion.

This massive land deal was not without controversy. Jefferson, a strict constructionist, was privately troubled that the U.S. Constitution did not explicitly grant a president the power to purchase territory. However, he recognized the immense strategic value of the opportunity and ultimately set aside his constitutional doubts. The acquisition is considered a cornerstone of his presidency and a pivotal moment in American history.