Famous rapper, Curtis Jackson, better known as 50 Cent, has made the plunge into filing for bankruptcy. Declaring $25 million worth of assets, the rapper admitted that court-ordered payments and a lavish lifestyle pushed him to the breaking point. According to Jackson’s financial statement from the Connecticut bankruptcy court, Jackson was plagued with million dollar lawsuits and insane monthly expenses. Specifically, two court ordered payments made up the bulk of his financial woes. According to the court, he owes $7 million to Lastonia Leviston after a sex tape controversy. Leviston won the case because Jackson allegedly released a sex tape of her to embarrass the father of her child, rapper Rick Ross. Apparently, Ross is 50 Cent’s nemesis.
The other court-ordered payment to rock Jackson’s finances involves a headphone partnership. Electronics company Sleek Audio is looking forward to a $18 million check from the rapper after he failed to produce a partnership with the company to market their products.
Just these two payments alone add up to $25 million, which is equal to the amount that the rapper claims in assets. He also claims $7 million in liabilities.
Then there is the issue of his astronomical monthly living expenses. First, there is his massive home. Calling his Connecticut estate a mansion is an understatement. The luxurious home boasts 21 bedrooms, 24 bathrooms and even a nightclub. Of course maintaining such a large property comes with a large price tag. Jackson claims it costs him $72,000 a month to take care of the home. A breakdown of the household expenses is completely shocking even by celebrity standards. The hefty list includes expenses, such as a $5,000 gardening tab, $9,000 for security and $13,300 in insurance. These household costs also add in expenses for his Georgia and New Jersey properties, but the Connecticut property is the most costly.
Jackson also has luxurious tastes when it comes to personal appearance. He spends $3,000 month on clothes and $1,000 on personal hygiene. He leases a Bentley for $5,745 and spends thousands on entertainment,
He doesn’t just spend his money on himself. He also makes monthly child support payments for two children, equaling more than $12,000. Jackson also claims to support one of his grandparents.
With such high costs of living, one would assume that Jackson is bringing in tons of money. However, the rapper claims that is far from the truth. Granted, he makes more than the normal person, but he doesn’t make enough to be able to withstand such financial pressure. So, how does he support himself and these expenses? 50 Cent claimed $3.3 million from his music career, about $300,000 from his headphone company SMS and $771,000 from various movies, appearances and other business ventures.
Jackson’s attorney provided a statement for the media after many started to ask, “Where did 50 Cent’s fortune go?”
“A filing for personal bankruptcy protection is a complex and often time-consuming process,” says William A. Brewer III, partner at Brewer, Attorneys & Counselors. “Lost in the reporting about Mr. Jackson’s assets, liabilities and individual expenses is the reason for the filing — to pursue an orderly reorganization of his financial affairs.”
It seems filing for bankruptcy is Jackson’s attempt to reorganize his finances and protect himself.
Brewer also said, “It is important to remember the filing for protection permits Mr. Jackson to continue his active involvement in numerous business, entertainment and philanthropic interests.”
It seems many celebrities are finding that once they have burned through their fortunes, the only solution is to file for bankruptcy. In fact, Los Angeles bankruptcy attorneys are busy helping those from their financial woes. What makes Carter’s case unique is that the world had no idea the financial trouble the rapper was really in. These legal proceedings have slowly pulled back the curtain on Carter’s ways.
With the rapper claiming that his $25 million fortune has vanished, filing for bankruptcy seems to be the only answer to his financial woes. Even more surprising, Carter also claims that he only pretended to be financially well-off, despite struggling with his finances for many years. Using some tricky tactics, he says he made the world believe he was rolling in the dough. One hilarious attempt was his gold chains. The rapper is usually pictured wearing a new designed gold chain. Carter says in actuality, he only owns two very expensive gold chains. He repeatedly takes them to the jeweler and gets them redecorated to look like a different piece of jewelry. The rapper has also admitted to misleading the media to believe he had multiple luxury cars. For instance, on one episode of MTV’s Cribs, 50 Cent is seen showing off his Lamborghini Murcielago, Bentley, Range Rover and other high-end automobiles. In court, he admitted that those cars did not belong to him and he had rented them for the show.
As several revelations of Carter’s financial situation come to light, the rapper continues to try to save what part of his reputation is left. As he begins to rebuild after his bankruptcy filing, he will need to learn how to responsibly manage his wealth, or what is left of it.