Chief Keef may be Finally Rich after signing a $6 million deal with Interscope, but the 17 year-old rapper stil can’t touch most of his money for another year. Via DNAinfo:
The terms of Chief Keef’s record deal were made public in a Cook County chancery court filing that seeks a judge’s approval for the rapper to finalize agreements with Interscope. Court approval of the contracts is required by law because Chief Keef, 17, is a minor.
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.
Of course, Keef may not see much of that money at all. A large chunk of it is contingent on record sales.
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.
Keef and manager Rovan Manuel also have a second deal which will see them own 40 per cent of newly-minted Interscope sub-label Glory Boys Entertainment.
As an aside, can we point out that – should everything go according to plan – Keef’s first record deal comes with a built-in greatest hits compilation? Has everyone gone insane?