Chicago website DNA Info received documents from Chief Keef's recent hearing on his probation violation and they outline nearly every bit of his record deal with Interscope. For one, it is apparently worth $6 million and covers three albums from the 17-year-old rapper.
He won't be able to spend most of that money until he turns 18, though he received a $440,000 advance that was split into two parts. He'll receive the second portion of the funds after a judge signs off on the deal.
Additionally, DNA Info reports that Keef received upwards of $300,000 to record his debut album, Finally Rich, which needs to move 250,000 copies total by December 2013 or else Interscope can nix the deal. It has sold 106,000 units to date.
Interscope has a contract with Keef's label, Glory Boyz Entertainment, too. The advance was $440,000 and from that, the rapper and his manager, Rovan Manuel, receive $180,000 each. Fifteen percent of the advance was placed into Keef's trust. This deal can be killed by Interscope, too, if GBE's losses exceed $4.5 million, according to DNA.
Keef is currently serving a two-month sentence at the Illinois Youth Center in St. Charles, Ill.
[via DNA]
