In part 1 we learned that Curtis Jackson AKA 50 Cent has just filed for chapter 11 bankruptcy. This doesn’t necessarily mean that he is completely broke, but he obviously has some financial problems or he wouldn’t need to file for bankruptcy. 50 Cent just had his day in court, so in part 2 we will find out just how much money and assets he has left.
Down to His Last Penny?
So is 50 Cent really completely broke? Well he filed only the most basic bankruptcy petition required by law, and he disclosed almost no information about his personal assets and liabilities. The fact that he filed chapter 11 rather than chapter 7 or chapter 13 implies that he probably has at least some money with which to pay creditors. But we will know soon enough when he is required by law to provide a complete breakdown of everything he owns, and everything he owes.
And that day arrived on July 21st.
The Real 50 Cent
There is probably only one time when you want to look as poor as possible (especially for a rapper), and that is when you file for bankruptcy. The court is going to seize valuable assets, sell them, and use the money to pay your creditors. The less money and assets you have, the poorer you are, and the less you have to lose when you file for bankruptcy.
In court, 50 Cent explained that his opulent lifestyle is just for pretend. We’ve seen him wear a 65 karat ring and drive million-dollar cars. But he explained that all of those things were simply leased, rented, or just plain borrowed. He has very little in the way of valuable assets.
But what about cash? If he’s not spending all of his money on expensive things, then where did it go? We know he has sold over 38 million records. And he is currently in 2 different movies. Movies pay a lot, right? Surely he has tons of money in the bank.
But alas, 50 Cent explained in court that he only made 10 cents for every record sold. And he was only paid $100,000 to act in each movie. It’s not really a whole lot of money considering he is being sued for $5 million because of a sex tape he released online without the permission of the female participant.
But he does own at least one major asset. He has a mansion in Connecticut. It’s on 17 acres and has 21 bedrooms, 24 bathrooms, a movie theater, a night club, and a basketball court. Surely that is worth a pretty penny.
Let’s hope for Curtis Jackson’s sake that he’s got more to his name than his name’s sake. And let this be a lesson to all up-and-coming performers out there – if you pick a name based on money, be sure to save some along the way – or writers like this one are bound to have a field day.