Thursday, 6 August 2015

50 Cent's Bankruptcy Saga; Check Out The Overview

Rapper 50 Cent owns seven cars valued at more than $500 000 and pays $72 000 a month to maintain his Connecticut mansion, according to bankruptcy court filings.

His businesses, however, posted losses of more
than $10m last year and in 2013.

His Farmington property is his most valuable. It's listed in papers filed on Monday in a Connecticut court at nearly $8.3m.

His cars include a 2010 Rolls Royce and a 1966 Chevrolet coupe.

The filings show losses of more than $10m in 2013 and 2014, with expenses outstripping income and losses posted in 50 Cent's records, adult film and G-Unit Brands businesses.

As of 13 July, the businesses were in the black.

The rapper, who was born Curtis James Jackson III, filed for bankruptcy last month after a New York City jury ordered him to pay $7m to a woman who said he posted online a sex tape she made with a boyfriend.

His expenses of $108 000 a month include $5 000 for gardening.

He has a monthly income of $185 000, mainly from royalties and interest on his investments. The court filing says he also owes money to his stylist, his barber and his fitness coach.

50 Cent's album Get Rich or Die Tryin' helped make him one of the world's best-selling artists. He's due back in bankruptcy court on Wednesday.
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