Chicago rapper Chief Keef may be “Finally Rich” as the title of his first album proclaims but the teenage rap star won’t be able to spend most of his big-money paycheck until he turns 18 in August.
The deal could pay Keef as much as $6 million over a three year span. That doesn’t include royalties. The terms of the contract were made public because a Cook County chancery court has to approve contracts for anyone under 18.
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 currently is 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 is set to appear before a judge on his probation violation on March 14, when he could be released from custody. A judge is set to rule on the Interscope deal on April 16.