Specifics about Chief Keef’s record deal with Interscope records have been released. The details were made public because a judge needs to sign off on the deal since Chief Keef is minor. Reportedly, Keef’s three-album deal is worth a potential six-million dollars!! Whew Interscope will reportedly pay Chief Keef an advance of $440,000 that will be placed in a “blocked trust” controlled by his grandmother until he turns 18 in August.
The label also paid him more than $300,000 to cover the costs of recording his first album “Finally Rich.” The rest of the deal depends on album sales. If the record sells less than 250-thousand copies in a year, Interscope reserves the right to pull out. So far the album has sold over 106,000 copies since December.
Meanwhile, Interscope paid Keef an additional 440-thousand dollars to develop his own record label — Glory Boy Entertainment. Chief Keef is currently locked up for 60 days at a juvenile detention center for violating his probation.