Rapper Curtis Jackson, aka “50 Cent,” claims that his assets are worth about $US25 million, but that two separate court-ordered payments plus other high expenses have pushed him into bankruptcy.
He filed a statement of his financials in Connecticut bankruptcy court on Monday, and Business Insider has obtained a copy of it.
Here’s how Jackson says he’s drained his millions in just a few years’ time.
The money going out: $US108,000 per month in expenses and millions of dollars in lawsuits
Apparently, 50 Cent was primarily forced into filing for bankruptcy after two court judgments put him over the top. There’s the $US7 million owed to Lastonia Leviston, the woman had won the payment in court after the rapper allegedly released a sex tape of her to embarrass the rapper’s nemesis, Rick Ross, who had fathered one of her children.
And then, there’s the electronics company Sleek Audio, which he owes an $US18 million court-ordered payment after a partnership to produce headphones fell apart.
Those court orders total about $US25 million, the amount 50 Cent claims in assets.
But, that’s just the tip of the iceberg. The rapper claims another $US7 million in liabilities.
50 Cent says he has about $US108,000 in monthly expenses, which include his homes and personal expenses.
His lavish Connecticut house — the one with 21 bedrooms, 24 bathrooms, and a nightclub — costs about $US72,000 a month to maintain, he says. He spends about $US5,000 per month on just the gardening.
See his housing costs below:
He also pays a monthly $US5,745 Bentley car lease and $US12,000 in child support for two children. Additionally, he supports a grandparent in the amount of $US2,500 a month.
50 Cent keeps himself looking good with about $US3,000 a month on clothes and $US1,000 a month on grooming.
See his personal expenses below:
What money is coming in? He has about $US10 million in cash and investments
As far as his income, 50 Cent claimed he made $US3.3 million from his music so far this year. He also made about $US372,000 from SMS, his company that makes headphones, in 2015. Additionally, he has made $US771,000 from numerous films, touring, merchandising, and other pursuits with G-Unit, 50 Cent’s record label.
The rapper has $US10 million in cash and $US500,000 in cars, including three Chevy Suburbans and a 2010 Rolls Royce.
There is no mention of the income he made from film and TV work. Previously, 50 Cent stated that he made $US100,000 each on “Southpaw” and “Spy,” according to the court transcript acquired by BI. As for Starz drama “Power,” which the rapper acts in and executive produces, 50 Cent testified that he has made $US150,000.
Here’s a snapchat of his income, from the filing:
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