Rapper, actor and businessman Curtis “50 Cent” Jackson III has filed for chapter 11 bankruptcy protection.
According to CelebrityNetWorth.com, 50 Cent has a net worth of $50 million.
In the bankruptcy documents, filed Monday in federal court in Hartford, Connecticut, he lists his assets as between $10 million to $50 million. His debts were also listed as being between $10 to $50 million.
His lawyer, William A. Brewer III, said in a statement, “This filing for personal bankruptcy protection permits 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.”
Here’s what you need to know:
1. The Bankruptcy Filing Comes After He Lost a $5 Million Sex Tape Lawsuit
50 Cent was recently ordered to pay $5 million to a woman whose sex tape he acquired and posted online without her permission, the Associated Press reports.
Lastonia Leviston filed the invasion of privacy lawsuit after the 13-minute video, which was edited to include explicit commentary by 50 Cent, was posted online in 2009. The video was filmed in 2008 by Leviston and her then-boyfriend, who gave the video to 50 Cent and told him she said it was OK for him to post online. Leviston has a child with 50 Cent’s rap rival, Rick Ross.
According to CelebrityNetWorth.com, the 50 Cent was ordered by the judge to provide proof of income and worth for the possibility of further punitive damages. A bankruptcy attorney told the website that the filing was likely a strategic move so that Jackson can prevent Leviston from disrupting his businesses and placing liens on his assets, to force her to negotiate the judgement down and to prevent the jury from being allowed to assess punitive damages.
2. Forbes Ranked Him Fourth Among Wealthiest Hip-Hop Artists This Year
In May, Forbes estimated 50 Cent’s net worth at $150 million when it ranked him No. 4 on the publication’s list of the wealthiest hip-hop artists.
It listed the sources of his fortune as music, beverages, technology and clothing.
3. He Owns a 50,000-Square-Foot Mansion in Connecticut That He Bought From Mike Tyson
50 Cent purchased a 50,000-square-foot mansion in Farmington, Connecticut, from boxer Mike Tyson in 2003, paying $4 million. He had been trying to sell the home for $10 million, but it’s currently off the market.
The home at 50 Poplar Hill Drive sits on 17.6 acres and includes 52 rooms, including 21 bedrooms and 25 bathrooms, according to a real estate listing from when it was on the market.
4. He Made Millions From His Investment in Vitamin Water
According to Forbes, 50 Cent made an estimated $100 million from his investment in Glaceau’s Vitamin Water when the company was sold to Coca-Cola for $4.1 billion in 2007.
5. He Had to Pay More Than $16 Million for Stealing a Headphone Design
The invasion of privacy lawsuit is not the first that 50 Cent has faced recently. He lost a $16 million judgement in 2014 for stealing a headphone company’s design and taking it to another company, Vanity Fair reported.
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