When 50 Cent announced he was declaring bankruptcy a couple weeks ago, the whole world scoffed at the move, wondering how the hell he could spend all that Vitamin Water money so damn quickly. 50 Cent’s bankruptcy comes from two separate lawsuits, resulting in the rapper owing over $25 million in court-ordered payments: One to Lastonia Leviston over a leaked sex tape for $7 million, one to Sleek Audio for $18 million over a bad headphones business deal.
Yesterday he filed a statement of his personal finances in Connecticut bankruptcy court, which Business Insider and other organizations were quickly able to get their hands on. 50 Cent famously calls Farmington, Connecticut home, living in a massive 21-bedroom mansion that once belonged to Mike Tyson. Perhaps you’ve seen it on MTV Cribs! It’s easily one of the best Cribs episodes of all time.
The house is valued at $8.25 million and boasts a racquetball court, a nightclub, a movie theater, a infinity pool with a Playboy Mansion-esque grotto and an eight-car garage.
But it’s causing him to be seriously house poor, according to his financials. He has about $108,000 in total monthly expenses, including $72,000 in overall real estate expenses. The home from Cribs is costing him $67,000 a month, including $5,000 in gardening for the property. Business Insider reports he also has a $5,745 Bentley car lease, $12,000 in child support, and supports a grandparent for $2,500 a month. Here’s the breakdown, via BI:
So how is 50 Cent actually making money? G-Unit helps keep the lights on, according to WSJ:
Before filing for bankruptcy on July 13, Mr. Jackson had taken in $3.3 million in royalties, advances and merchandise sales for his “business income” as an entertainer so far this year. In 2013, that amount was about $4.3 million total. Mr. Jackson listed his monthly income as $184,969.58, nearly all of which flows in through his interest and dividends in his G-Unit-branded record, film, television and touring businesses.
He also has these business interests, via WSJ:
This is the value of the more than two dozen businesses that Mr. Jackson invested in or owns, according to court papers. His most valuable stock interest is in G-Unit Records Inc., which he says is worth $2.7 million. Another entity called Tomorrow, Today Entertainment, Inc. is worth $1.5 million, court papers said. In earlier documents, Mr. Jackson said he owns pieces of an adult film production company, a clothing unit that might have a new deal and a boxing-promotion company that used to represent Floyd Mayweather.
So, on paper he’s “bankrupt” despite having $24 million+ in assets. We’ll see how that all plays out for him. The P.I.M.P. has certainly had better days.