Controversial rapper Chief Keef’s probation violation has revealed Interscope’s Jimmy Iovine (pictured) has signed the teenager to a whopping 6 million dollar deal with Interscope records. The deal covers three albums, but the 16-year-old rapper won’t be able to spend the money until he turns 18.
The documents also show that Chief Keef was given a $440,000 advance that was split into two parts, the second coming when a judge signs off on the deal. Chief Keef was given an additional $300,000 to record his debut, “Finally Rich,” but Interscope can nix the deal if it doesn’t move 250,000 copies by December 2013. The album has sold 106,000 copies to date.
The $440,000 advance was also included in a deal Interscope made with Keef’s label, Glory Boyz Entertainment, which the rapper and his manager, Rovan Manuel, received $180,000 each. Interscope can also drop the deal with GBE if the group’s losses exceed $4.5 million.