So, this is why Chief Keef titled his debut album Finally Rich.
Yesterday, DNAChicago got their hands on documents that were made public during a Cook County chancery court filing to put the finishing touches on his Interscope deal. (Because Keef is only 17, meaning still a minor, a judge has to approve before he finalizes his deal with Interscope Records.)
The documents basically explain the financial terms of the record deal Keef signed with Interscope last year. According to DNA, Keef’s deal is worth $6 million dollars over the span of three albums. Most of that money he won’t see until he turns 18. Here is some info on money that Keef did receive:
“Interscope agreed to pay Chief Keef a $440,000 advance — half up front and half after a judge signs off on the deal — that will be deposited in a court-administered trust fund on his behalf, according to court papers. The so-called “blocked trust” is controlled by Chief Keef’s legal guardian, his grandmother, Margaret Carter. Withdrawals typically are prohibited from block trusts until a minor turns 18.”
Record sales are very important to Chief Keef’s deal. if his Finally Rich LP doesn’t sell 250,000 copies by December 2013, Interscope could dead the kid’s deal. We’re not sure if this will be an issue: Keef’s Finally Rich album has sold about 100 thousand units to date.
The documents also detailed the particulars on Chief’s GBE imprint:
“In a separate three-year deal to establish Chief Keef’s record label “Glory Boyz Entertainment” — GBE for short — 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 Keef’s advance to be put in his trust fund, according to court papers.”
With all this cash just floating around, it’s a shame that Chief Keef is doing two months in a juvenile detention center for violating his probation with that Pitchfork video.