Chief Keef
19-year-old trouble
prone Chicago rapper, Chief Keef, real name Keith Cozart, has been
unceremoniously dropped from his multi-million dollar record deal
with Interscope Records, without all the terms and payments of the
deal being fulfilled. Keef and Interscope have been having
disagreements about the direction of his new album and career
overall.
Cozart has had many
run-ins with the law and spent time in juvenile detention centers.
He recorded a few singles and released them to the internet, which
garnered a significant amount of attention in the rap world. He was
signed to Interscope Records on a deal thought to be worth up to
$7,000,000. He was given a $1,000,000 advance to record his 2012
debut CD "Finally Rich." Keef had a few successful singles, but his
debut CD flopped, selling approximately 200,000 copies over its main
shelf life.
In addition to the
$1,000,000 advance, very little of which was used to produce his low
budget CD and videos, Keef earned money from doing concerts in clubs
and small venues. However, Keef experienced money problems. For
nearly two-years the Judiciary Report warned about Keef's wild
spending and that it would lead to trouble. Then he was evicted from
his home. Keef chose to rent and not buy, which the Judiciary Report
advised against. He also purchased several sports cars, another move
the Judiciary Report warned against.
Now that he has been
dropped from his record deal, which the Judiciary Report knew was
coming, he is going to face greater financial issues. Keef needs to
sell most of the cars and put his remaining cash into buying a home,
via mortgage, opening a savings account and looking into legitimate,
legal ways to start a small business to generate revenues, as the
music and sports industries are not a sure thing. It never is for
anyone.
RELATED ARTICLES
