Local News: Chief Keef’s Deal With Interscope Worth $6 Million

Posted on Jan 24 2013 - 7:17am by Tracy

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.

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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.

 

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