The teenage rap star wonât be able to spend most of his big-money pay check until he turns 18 in August, DNAinfo.com has learned.
Chief Keef signed a three-album contract â and a separate deal to control his own record label â with Interscope Records that could pay the South Side gangster rapper more than $6 million over three years. A split of future royalties could make for an even bigger pay day, according to court papersâ¦
â¦Interscope agreed to pay Chief Keef a $440,000 advance â half up front and half after a judge signs off on the deal â that will be deposited in a court administered trust fund on his behalf, according to courtpapers. The so-called âblocked trustâ is controlled by Chief Keefâs legal guardian, his grandmother, Margaret Carter. Withdrawals typically are prohibited from block trusts until a minor turns 18.
Chief Keef â who is currently locked up in juvenile detention for 60 days â also received at least $300,000 to cover the cost of recording âFinally Rich,â which sold 50,000 copies during the first week it was released in December.
Chief Keefâs deals all depend on album sales. If âFinally Richâ doesnât sell at least 250,000 albums by December 2013, Interscope has the right to pull the plug on subsequent album releases â two albums and a compilation of hits, according to the deal.
In a separate three-year deal to establish Chief Keefâs record label âGlory Boyz Entertainmentâ â GBE for short â Interscope Records forked over another $440,000 advance. That agreement calls for both Chief Keef and his manager, Rovan Manuel, to each be paid $180,000. The deal calls for 15-percent of Chief Keefâs advance to be put in his trust fund, according to court papers.
tl:dr If he don't sell 250,000 by december, hes getting dropped.