The renowned hip-hop rapping sensation 50 Cent isn’t just the celebrity moniker of Curtis JacksonIII, in fact it’s also believed to be his total net worth. He was once on top of the highest paid rapper and among the music industry’s richest performer, with over $150 million of fortune from his bestselling album releases throughout the world. Sad to say, it was reported that the once famed rapper has appeared to have too much expenditures.
50 Cent net worth - $10 million
Birth Name - Curtis James Jackson III
Date of birth - July 6, 1975
Zodiac Sign - Cancer
Birth Place - South Jamaica, Queens, New York
Nationality - American
Height - 6' 0"
Profession - Record producer, Screenwriter, Entrepreneur, Film producer, Rapper, Actor, Composer, Singer, Songwriter, Promoter, Investor
According to reports, 50 Cent’s bankruptcy was filed and was discovered that he was spending a whopping $108,000 every month, including his mansion for $72,000. It seems that his hard works during the last years are now slipping away.
Assets and Debts
Based on the filed bankruptcy papers at the US Bankruptcy Court in Connecticut, 50 Cent’s assets have gone down to a range of $10 million. While his debts, are piling up to $50 million.
Series of Obligations
Days after he filed that his lost all his millions to overspending, now comes the decision of the jury. He was ordered to pay $5 million to LastoniaLeviston, the woman whom he had an affair and posted the sex tape via online without her knowledge. A small world indeed as the woman has previous love affair with 50 Cent’s rapper rival, Rick Ross and was blessed with a child.
The proceedings of the rapper revealed that the 56 pages of his financial information showed where and how the money was spent. His statement clearly manifested just how poor he was in reality. Although he was earning a little over $3.3 million from all his business income including royalties, advances and merchandise sales, he was still listed among the low grossing artist during the year. He may have received monthly incomes with an amount of $184,969.58, but for the information of everybody $24 million of those are all physical assets like luxury cars, jewelries, house, etc. The only business venture he entered just amounted to $4.4 million, way too low for a spender like him.
Luxury Cars NO More
His total vehicle worth just totaled to $500,618 including a 1966 Chevrolet Coupe, 2003 Chevrolet Suburban, 2005 Chevrolet Suburban, 2010 Rolls Royce Phantom Drophea, 2012 Suzuki Kizashi Sport and the recent 2015 Chevrolet Suburban. No wonder why he was alleged to have rented high-end sports cars since he has no luxury sports cars available to drive. Further, his gold and diamond jewelries were not yet appraised so there is no amount yet being filed by his lawyers.
From a quick look, he may still have a very impressive net worth, however the account has not yet listed his multiple debts. He may be living in a multi-million mansion worth $8.25 million, but it is still not fully paid. He has to pay the unpaid loan amount of $1 million as well as the payment of monthly amortization of $17,400. From that alone, his monthly expenses added up to almost $108,000 every month, that’s without the inclusion of operating expenses such as water and electricity bill. Moreover, 50 cent owes $855,091 to his ex-girlfriend Daphne Narvaez for his child support.
50 Cent may really be on a deep hole once he cannot settle all his debts and obligations. Lawsuits are piling from one end to the other. His total debt increased to $32.5 million, which may drastically pull down all his net worth. Although he was given a chance to at least fix his financial woes, he may be losing all his earnings.
The veteran rapper may have filed bankruptcy the previous months but that doesn’t stop him from living the American dream. Social media photos of him showed that he’s bragging his new home in Africa, he’s showing the public that he has cash. Bankruptcy cannot stop someone from living a better life. It doesn’t stop 50 Cent living from what he was used to. Suffice to say that better days are ahead for 50Cent. We expect him to make a major comeback.
His bankruptcy filing may be his strategy. He may not really be broke. But whatever it is that he is facing financially and legally, no one can stop him from being proud of what he has accomplished over the past years. Whatever possession he may have, he has the right to show the public, brag about them and flaunt what he have. 50 Cent might be living just fine.