That agreement calls for both Chief Keef and his manager, Rovan Manuel, to each be paid $180,000. In a separate three-year deal to establish Chief Keef's record label "Glory Boyz Entertainment" - GBE for short - Interscope Records forked over another $440,000 advance. 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. Withdrawals typically are prohibited from block trusts until a minor turns 18.Ĭhief 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.Ĭhief Keef's deals all depend on album sales. The so-called "blocked trust" is controlled by Chief Keef's legal guardian, his grandmother, Margaret Carter. 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. Court approval of the contracts is required by law because Chief Keef, 17, is a minor. 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. A split of future royalties could make for an even bigger payday, according to court papers. Keef would release Nobody as a full-length album in December 2014, while continuing to delay the often-pushed back Bang 3.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, has learned.Ĭhief Keef signed a three-album contract - and a separate deal to control his own record label - with Interscope Records that could pay the South Side gangster rapper more than $6 million over three years. Although Keef had originally planned Bang 3 to be released as his second album, a then-track from the album, "Nobody", developed into its own project. Despite being dropped from Interscope in late 2014, Chief Keef would continue self-releasing mixtapes through his Glo Gang label. These legal issues, accompanied with Keef's notability within Chicago's drill music genre, have caused Keef to gain a gangster-like image, which has been compared with past gangsta rappers, such as 50 Cent.
Since he rose to fame, Keef has continued to experience ongoing legal issues.
His debut album Finally Rich was released on December 18, 2012. Keef would also become the CEO of his own record label, Glory Boyz Entertainment, later developing into Glo Gang. His increasing popularity led to a brief bidding war among labels, and ultimately Keef signed a major record deal with Interscope Records later signing with 1017 Brick Squad. Keef began finding success in his music career while under house arrest, as his music videos were met with local acclaim. Keith Cozart (born August 15, 1995), better known by his stage name Chief Keef, is an American rapper and record producer from Chicago, Illinois.
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