Friday, January 25, 2013 / 115 days ago
After going through bidding war back in 2012 and eventually signing with Interscope Records, Chief Keef released his debut album Finally Rich last month.
But the conditions of the deal have remained private until now. DNAInfo.com has exposed that the three-album contract that Keef signed with Interscope could be valued at more than $6 million. The contract was made public in a court filing that requires a judge’s approval to finalize agreements. The court’s approval is mandatory by law because Keef, who is 17 years old, is a minor.
Interscope approved paying Keef a $440,000 advance, giving half early and half after a judge verifies the deal. The advance will be placed into a court-administed “blocked” trust fund on his behalf that is handled by his grandmother. Keef also was given a $300,000 deal to cover the expense of recording Finally Rich. His deals are determined by album sales, as Interscope has the right to drop out of the contract if he doesn’t sell 250,000 copies of the LP by December 2013.
He also inked a separate deal to control his own label, Glory Boyz Entertainment, and received yet another $440,000 advance. Both Keef and his manager, Rovan Manuel each receive $180,000 and possess 40 % of the label. Interscope is also required to pay GBE $200,000 for “overhead expenses,” and will divide profits equally with the imprint.
Upon release in December, Finally Rich came up at No. 27 with 50,000 copies sold. Keef is currently serving a 60-day sentence for breaking his probation.