Teenage Chicago rapper Chief Keef, who is currently serving a 60 day sentence at the Illinois Youth Center, could be in the big money if he plays his cards right as court documents reveal that the 17 year old’s deal with Interscope could be worth as much as $6 million.
According to Cook County court documents, obtained and reported by DNAInfo Chicago, Chief Keef signed a three-album contract, and a separate deal to control his own record label with Interscope Records that could pay the rapper more than $6 million over three years.
The court docs reveal that Chief Keef was given a $440,000 advance that was split into two parts, the second half to be paid out when a judge rules on the deal on April 16th of this year.
Chief Keef was given an additional $300,000 to record his debut album, Finally Rich, but if the 17 year old rapper doesn’t sell 250k copies by December 2013, Interscope can pull the plug on the deal. Finally Rich has sold 106k copies since it was released back on December 18th, 2012.
In a separate three year deal, Chief Keef was given another $440,000 advance for his label, Glory Boyz Entertainment, which the rapper and his manager, Rovan Manuel, each received 40% of the label and $180,000. The deal also calls for 15% of Chief Keef’s advance to be put in his trust fund, which can be accessed when he turns 18 in August. GBE and Interscope will split profits equally, but Interscope can also drop the deal with the imprint if losses exceed $4.5 million at any time.
The terms of Chief Keef’s deal were made public in a Cook County chancery court filing that seeks a judge’s approval for the rapper to finalize the contract with Interscope. Court approval of the contracts is required by law because Chief Keef, 17, is a minor.