Aug. 16, 2013 at 9:29 AM ET
Coolio has decided to trade his "Gangsta's Paradise" for a new career — as a chef and author. And he means it literally: Following his Food Network stint on "Celebrity Chefs" and 2009 bestselling cookbook "Cookin' With Coolio," the rapper has decided to fund his new ventures with his old one, by auctioning off the performance royalties to his song portfolio.
According to a release from PR Newswire, The Royalty Exchange will be offering for auction the entire Coolio catalog of 123 songs, including the No. 1 hit "Gangsta's Paradise." The release notes that "the catalog is being sold directly from the artist and bidding will start at $140,000."
According to The Royalty Exchange's website, Coolio's average yearly royalties for his catalog are $23,227.
Performance royalties can reap their owner dividends when songs are played on radio (satellite, internet, streamed and terrestrial); on TV shows, films and games; and live. Plays are usually tracked by organizations like ASCAP.
"The Coolio song catalog auction is an exciting and rare opportunity for anyone looking for an alternative investment in music publishing and songwriter royalties," said Sean Peace, The Royalty Exchange's CEO. "We are thrilled to be able to offer royalties attached to such an iconic artist, and to assist interested parties in the research, registration and bidding process."
Noted the release, "Coolio plans to invest the funds from the song catalog sale to expand his cookbook series and his online cooking show of the same name."
Anyone may register for the auctions and watch the bidding after it gets underway on Aug. 28 at noon ET. Bidding will end on Aug. 29 at 2 p.m. ET.
(Note: Lots of vulgar language in the "Cookin' With Coolio" video.)