After fielding a bidding war back in 2012 and inevitably signing with Interscope Records, Chief Keef dropped his debut album Finally Rich last month.
But the terms of the deal have remained undisclosed until now. DNAInfo.com has revealed that the three-album contract that Keef signed with Interscope could be worth more than $6 million. The contract was made public in a court filing that seeks a judge’s approval to finalize agreements. The court’s approval is required by law because Keef, who is 17 years old, is a minor.
Interscope agreed to pay Keef a $440,000 advance, giving half up front and half after a judge confirms the deal. The advance will be deposited into a court-administed “blocked” trust fund on his behalf that is controlled by his grandmother. Keef also received a $300,000 deal to cover the cost of recording Finally Rich. His deals depend on album sales, as Interscope has the right to pull out of the contract if he doesn’t sell 250,000 copies of the LP by December 2013.
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He also signed a separate deal to control his own label, Glory Boyz Entertainment, and received another $440,000 advance. Both Keef and his manager Rovan Manuel each receive $180,000 and own 40 percent of the label. Interscope must also pay GBE $200,000 for “overhead expenses,” and will split profits equally with the imprint.
Upon release in December, Finally Rich bowed at No. 27 with 50,000 copies sold. Keef is currently serving a 60-day sentence for violating probation.
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