Cook County Court Reveals Details on Chief Keef's Record Deal
Chief Keef is currently serving time in juvenile detention for two months, which stems from him violating his probation.
What has not been revealed to the public are details on his Interscope record deal. In a report by DNAinfo, Keef signed a three-album contract that’s worth $6 million. However, he doesn’t receive the amount all at once, but rather paid throughout over three years.
Since Keef is a minor, he won’t be able to spend the money until he turns 18. Interscope agreed to pay Keef $440,000 advance, but in order to receive the other half of the funds, he must get an approval of a judge.
Keef also received a large sum of $300,000 to pay for recording Finally Rich. The stipulation is he must sell more than 250,000 albums by December 2013 or Interscope will severe the deal, As of today, the album has sold 106,000 copies.
Additionally, Interscope has a separate three-year deal with Keef for his record label Glory Boyz Entertainment. They gave another 440,000 advance; only this agreement requires both Keef and his manager, Rovan Manuel, to each get paid $180,000. The deal states that 15 percent of Keef’s advance be put in his trust fund.
According to DNA, the GBE and Interscope deal can be terminated if losses exceed $4.5 million.
For more details, head over to DNA.