N0. 1 Blog for Literary Openings, Gadgets and News in Nigeria

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 

No comments:

Post a Comment

Thanks for visiting DTB today, Your opinion counts, Please drop your comments, opinion and advise in the comment section. Thanks again and don't forget to bookmark us.

LinkWithin

Related Posts Plugin for WordPress, Blogger...