Rapper Curtis Jackson, aka ’50 Cent’, says his assets are worth around $25 million, but two separate court-ordered payments, along with other high expenses, pushed him into bankruptcy.
He filed a statement of his finances in Connecticut bankruptcy court on Monday, and Business Insider obtained a copy.
Here’s how Jackson says he’s drained his millions in just a few years.
The money that comes out: $108,000 a month in expenses and millions of dollars in lawsuits.
Apparently, 50 Cent was mostly forced to file for bankruptcy after two court judgments placed him above it. There’s the $7 million due to Lastonia Leviston, who won payment in court after 50 Cent allegedly released a sex tape of her to embarrass his nemesis, Rick Ross, who fathered one of his children.
And then there’s electronics company Sleek Audio, to whom it owes a court-ordered payment of $18 million after a failed partnership to produce headphones.
Those court orders total approximately $25 million, the amount 50 Cent is seeking in assets.
But that’s just the tip of the iceberg. The rapper is claiming an additional $7 million in debt.
The rapper says he has about $108,000 in monthly expenses, which includes his homes and personal expenses.
His lavish Connecticut home â the one with 21 bedrooms, 24 bathrooms and a nightclub â costs about $72,000 a month to maintain, he says. He spends about $5,000 a month on gardening alone.
See his accommodation costs below:
He also pays monthly rent for a Bentley car of $5,745 and child support of $12,000 for two children. In addition, he supports a grandparent for an amount of $2,500 per month.
Jackson is keeping well on about $3,000 a month for clothing and $1,000 a month for grooming.
See his personal expenses below:
What money is coming in? He has about $10 million in cash and investments.
As for his earnings, 50 Cent claimed to have earned $3.3 million from his music so far this year. He also earned around $372,000 from SMS, his company that makes headphones, in 2015. Additionally, he earned $771,000 from numerous films, tours, merchandising and other activities with G-Unit, the label of 50 Cent.
The rapper has $10 million in cash and $500,000 in cars, including three Chevy Suburbans and a 2010 Rolls Royce.
The rapper’s attorney provided a statement to BI.
âFiling for personal bankruptcy protection is a complex and often time-consuming process,â says William A. Brewer III, partner at Brewer, Attorneys & Counselors. “Lost in reports of Mr. Jackson’s individual assets, liabilities and expenses is the reason for the filing – to pursue an orderly reorganization of his financial affairs.”
Brewer added, “It is important to remember that filing for protection allows Mr. Jackson to continue his active involvement in numerous business, entertainment and philanthropic interests.”