Reported from http://diaryofahollywoodstreetking.com
Chief’s Keef’s age appears to be getting the best of him. That’s because sources say the “Finally Rich” rapper can’t touch a dime of his rap dollars until he’s 18-years-old. Now, it appears Jimmy Iovine may have the lyricist by the balls!
But the real question is, will the money be there when Chief Keef turns age appropriate to receive his earnings? According to the rapper’s recording contract, the 17-year-old locked-up lyricist must sell at least 250,000 albums by the end of the year. If he doesn’t, documents reveal Interscope Records will pull the plug on his three-album, $6M dollar deal. This news comes shortly after Chief Keef’s debut album bombed in its first week, selling just 50,000 copies.
Here’s what’s being reported:
“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.
Court approval of the contracts is required by law because Chief Keef, 17, is a minor.
Despite the huge contract, the majority of payments depend on how many albums he sells.
Chief Keef — who is currently 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’s deals all depend on album sales. 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.
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.
That agreement calls for both Chief Keef and his manager, Rovan Manuel, to each be paid $180,000. The deal calls for 15-percent of Chief Keef’s advance to be put in his trust fund, according to court papers.”