Cook County Court Releases Details Of Chief Keef’s Record Deal

| January 23, 2013 | 20 Comments

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$6 Million? Six million dollars? That’s what court records are saying Chief Keef’s record deal with Interscope is worth. But as many guessed, it’s all based on incentives — it’s not just a one time fee of six millie. Since Keef is a juvenile, court approval was needed to release the terms of the deal to the public, and today DNAInfo did just that:

The teenage rap star won’t 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 — and a separate deal to control his own record label — 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 papers…

…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.

Chief Keef — who is currently locked up in juvenile detention for 60 days — also received at least $300,000 to cover the cost of recording “Finally Rich,” which sold 50,000 copies during the first week it was released in December.

Chief Keef’s deals all depend on album sales. If “Finally Rich” doesn’t sell at least 250,000 albums by December 2013, Interscope has the right to pull the plug on subsequent album releases — two albums and a compilation of hits, according to the deal.

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.

More details, including the involvement of Fredo Santana and others can be found at DNA’s site. This is crazy stuff.

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  1. Carlo says:

    How close to 250k is Finally Rich at this point? There’s no doubt it’ll hit that by December, right?

  2. HU says:

    He sold 50k first week. This isn’t an album that will hang on due to strong singles or word of mouth because of high quality. So, it is likely that just about everyone who wanted the album got it in the first two weeks, so he’s probably around 60k sold. At the end of the year he would be very lucky to break 100k. 250k is completely out of reach. The label probably knew this and will make a quick buck off of him and toss him back into the sewer he came from. It would be great if he knew how to invest the money he will get (about 250k after taxes) but he will lose all of it quickly. 250k buys a normal 3br house in Chicago and that’s it. Nevermind a Bentley and a mansion and 50k chain. Let’s not forget thousands in taxes each year. The lesson here kids is that you should stay in school and realize that over the course of 10 years even a janitor will make more than these famous rappers.

  3. Vega says:

    I’m not really into his music but I hope the Lil homie got somebody around him that hit his best financial interest at heart…Interscope will find a way to recoup the money they invested believe that…hopefully buddy won’t do something too serious to land his ass in prison for a real bid

  4. timberman says:

    Being sidelined 2 months doesn’t help. I doubt he can sell 250K by then.

  5. Chancetheclapper says:

    As of January 23, 2013, it has sold 106,000 copies

    http://www.hiphopdx.com/m/index.php?s=news&id=22640

  6. Chancetheclapper says:

    As of January 23, 2013, it has sold 106,000 copies

    • Spirit Equality says:

      For everyone who says Keef sold 106,000 so far, he also only sold 7,100 records last week and those numbers are likely to drop each week his album has been in stores. He’s have to sell an average of around 3,000 records a week from now till the end of the year to make it to 250k. His album is likely to drop below 3,000 sales a week by the end of next month. Barring a sudden mid-year revival of his sales, he doesn’t stand much of a chance of reaching 250k at his current sales rate.

  7. mike says:

    lets not forget that road money and any feats that he dose. but the next 2months he wont be getting any of that locked up

  8. R&R says:

    Welp, Kendrick Lamar’s album has gone Gold. The single ‘Swimming Pools’ went platinum. Didn’t Kendrick call Andrew Barber a bitch though?

  9. Loki says:

    the problem with Finally Rich and why it’s now a struggle album is that as far as “hits” go it’s tapped out. All the bangers on there you’ve heard a billion times already so when you cop the CD they all lack the punch they once had. The other 85% of the album is just bull songs recorded just to fill the album out. This really is a half assed album.

  10. gm says:

    so an album that struggled to reach 100k after a month with all the buzz Keef had is supposed to hit 250k in 12 months with no more singles, 2 months of not being able to promote and a cancelled tour?

    Keef fans are idiots just like him

    • Iska Waran says:

      Not to mention that Queef’s idea of work is waking up at 2:00 pm, getting high and eating Sphaghetti O’s until midnight.

  11. Iska Waran says:

    Queef sold 5,300 last week http://www.hiphopdx.com/m/index.php?s=news&id=22726 Interscope will be dropping him if this continues. He better get in some more trouble with the law or pay someone to shoot at him.

  12. damn says:

    He could take the money he got now n buy 100000 copies now

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