Rapper 50 cent has filed for bankruptcy protection after his $25 million assets were gone. 50 cent, who is Curtis Jackson in real life, has $7 million more expenses on top of his recorded liabilities. The rapper reveals how he incurred his lost and lavish lifestyle.
NOT A SINGLE CENT
50 cent has filed for bankruptcy at a court in Connecticut. Business Insider reports that 50 cent's $25 million assets vanished in just a few years after two separate courts ordered payments.
50 cent shares that the court ordered him to pay $7 million to Lastonia Leviston after winning in a case filed against the rapper who allegedly exposed a sex tape of her in order to put his rival Rick Ross to shame after fathering one of her children.
50 cent also has to pay $18 million to Sleek Audio, an electronics company he partnered with to produced headphones which he failed to do. All in all, the payments amount to his declared assets which is $25 million, which would mean that not even a single cent will be left to him. Filing for bankruptcy would protect 50 cent and permit him to continue doing business, entertainment and charity.
LAVISH LIFESTYLE
The rapper also has to consider his expenses which totals to $7 million. 50 cent's monthly expenses amount to $108,000. According to Market Watch, the rapper's home in Connecticut which has 21 bedrooms, 24 bathrooms and a nightclub costs $72,000 to maintain monthly wherein gardening expenses alone costs $5000. He spends more than $5000 for a Bentley car lease, $12,000 for child support for two, $2500 for grandparent support, $3000 on clothes and $1000 on grooming. 50 cent's mansion was once the home of boxer Mike Tyson who also went bankrupt.
MSN adds that 50 cent receives a monthly income of $184,000 from interest in his investments and royalties from his songs.
50 cent has rose to fame with songs such as "In Da Club", "Candy Shop" and has also appeared in some films and TV shows.
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