This is truly a major shock because just two months ago, this star was ranked 4th on Forbes’ list of the wealthiest hip-hop artists. Curtis James Jackson III, better known as 50 Cent, officially filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Monday, July 13th (local time).
In the 5-page bankruptcy petition, the 40-year-old star revealed his massive debts, mainly stemming from consumer debts ranging from 10 to 50 million USD. According to William A. Brewer III, 50 Cent’s private attorney, “filing for personal bankruptcy protection allows Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer while he pursues an orderly reorganization of his financial affairs.”
Among the assets listed in the bankruptcy petition of the hip-hop star is a luxurious 21-bedroom mansion spanning 4,500 square meters in Farmington, Connecticut, which he acquired from the legendary boxer Mike Tyson in 2004.
In addition to the aforementioned substantial debts, 50 Cent also owes a $5 million judgment that the Manhattan court ordered the famous rapper to pay to Lastonia Leviston over the weekend. The lawsuit dates back to 2009 when 50 Cent obtained a explicit video clip of Leviston and subsequently leaked it online with derogatory comments. His aim was to mock the rapper Rick Ross, Leviston’s former boyfriend.
Despite the current financial challenges, 50 Cent has long been regarded as a highly talented and wealthy artist in the United States. In addition to earning millions from copyright royalties and music production, he has been successful in business with his own company, G-Unit Records. 50 Cent invested a significant amount in the Glaceau Vitamin company, which was later acquired by Coca-Cola for 4.1 billion USD in 2007. It is estimated that this deal brought him an additional 40 to 100 million USD at the time. In an article last week, The New York Times praised the 40-year-old star for having “a particularly keen business instinct.”
