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Literary Openings, Gadgets and News in Nigeria | Duketundesblog: Bankrupt 50 Cent court documents reveal how his $25m vanished

Wednesday, 5 August 2015

Bankrupt 50 Cent court documents reveal how his $25m vanished

The rapper known as 50 Cent filed for bankruptcy after spending $72,000 (£45,000) a month on upkeep of his mansion, including $5,000 on gardening.
Curtis James Jackson III became one of world's best-selling music artists after his album Get Rich or Die Tryin' came out in 2003.
He had previously been a teenage drug dealer, and had been hit nine times in a shooting in 2000.
Having achieved his dream of becoming rich, Mr Jackson proceeded to spend his money lavishly, according to documents submitted to a bankruptcy court in Connecticut. 

The rapper was once valued at $155 million by Forbes magazine.
But the documents listed his assets at $24 million, and his debts at $32 million.
They showed he owned seven cars worth $500,000, including a 2010 Rolls Royce Phantom Drophea.
The documents show Mr Jackson's estimated assets and liabilities (Splash News)

His most valuable asset was the mansion near Hartford, Connecticut, valued at $8.25 million. It has 37 bathrooms and five whirlpool baths.
The filings also show losses of more than $10 million in 2013 and 2014, with expenses outstripping income and losses posted in 50 Cent's records, adult film and G-Unit Brands businesses.
He had a $17,400 monthly mortgage payment and also spent $9,000 on security, $3,000 on clothes, $1,000 on "personal grooming" and $14,000 on child support.
He also owed thousands of dollars in wages to his stylist, barber, and fitness coach.
Mr Jackson initially filed for bankruptcy last month after a judge in New York ordered him to pay $7 million to Lastonia Leviston.
Miss Leviston accused the rapper of posting a sex tape of her on the internet. 

Source: +TheTelegraph 

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