The Louisiana Purchase was the acquisition of the Louisiana territory (828,000 square miles) by the United States from France in 1803. The U.S. paid fifty million francs ($11,250,000 USD) and a cancellation of debts worth eighteen million francs ($3,750,000 USD) for a total of sixty-eight million francs ($15,000,000 USD) which averages to approximately four cents per acre. Adjusting for inflation, the modern financial equivalent spent for the Purchase of the Louisiana territory is approximately ($236 million in 2014 U.S. dollars which averages to less than forty-two cents per acre). The Louisiana Purchase occurred during the term of United States President Thomas Jefferson.