Chief Keef’s Interscope Record Deal Worth $6 Million
Chief Keef is swimming in money, at least he will be when he's free again. The 17-year-old is really living the 'Finally Rich' lifestyle as his debut album suggests. His record deal with Interscope is worth $6 million according to documents pulled by DNAInfo.com.
Though the sum is a hefty one, the rapper hasn't received all the money upfront. After he signed a three-album contract, Keef also signed a deal placing him in control of his own record label Glory Boyz Entertainment. Depending on the success of his career, he may receive more than the $6 million figure due to royalties, according to court papers.
Being that Keef is a minor, the provisions around the record deal were made public in a Cook county chancery court and require a judge's approval. When he turns the big 1-8, he will receive a $440,000 advance from Interscope -- half up front and half will be put in a trust fund in his grandmother's control.
The Chicago native also received at least $300,000 to record 'Finally Rich.' If the album doesn't sell 250,000 units by December 2013, Interscope can pull out of the deal.
Currently, Chief Keef is doing a 60-day bid at a juvenile detention center for violating his probation.
Watch Chief Keef's 'Love Sosa' Video