Bankrupt 50 Cent's mansion costs him $70k a MONTH to maintain: Rapper's new filing reveals the extraordinary costs of his luxury pad (and all its previous owners went broke too!)
- Rapper 50 Cent filed for bankruptcy on Monday
- The rapper has been trying to sell his 50,000 square-foot Farmington, Connecticut mansion since 2007 but has been unable to find a buyer
- The mansion was built for Colonial Realty founder Benjamin Sisti in 1985 and he later went to prison for bankruptcy fraud
- Sisti sold it to Lithuanian businessman Romas Martsinkiavitchous who also was facing bankruptcy
- The home sold to eventually bankrupt Mike Tyson who spent millions decorating the home only to unsuccessfully try to sell it a year later
Rapper
50 Cent filed for bankruptcy on Monday as it was revealed he spends
$72,000 a MONTH to live in his lavish Connecticut mansion which has its
own private casino, basketball court and nine kitchens.
The
entertainer has followed in the footsteps of Mike Tyson and two other
former owners of the huge property, one of the biggest private
residences in America, that none of them could afford to keep.
Court
papers revealed the star, real name Curtis Jackson, spends a whopping
$108,000 on his expenses each month, including $5,000 on gardening
alone.
Scroll down for video
Get rich of die trying: 50 Cent filed
for bankruptcy on Monday, with court papers revealing he spent $72,000 a
month on his mansion in Connecticut, including $5,000 a month on
gardening
Extravagant: The home, based
in Farmington, Connecticut, boasts a number of opulent features
including a swimming pool, private casino and 52 rooms including nine
kitchens and its own basketball court
Broke: 50 Cent standing in one of his
nine kitchens. Court papers revealed that despite making £185,000 a
month from royalties and investments, he still owes his barber, stylist
and personal trainer money
He splashes $3,000 a month on clothes and $1,000 on grooming - but still owes his barber, stylist and personal trainer money.
The New York rapper also pays $14,600 per month to help support his grandfather and two children.
Last
week 50 Cent was ordered to pay Lastonia Leviston $5million in damages
by a Manhattan court, after she said he posted a sex tape of her online
without her permission.
During
that court case he claimed to live modestly and that he didn't own
expensive vehicles, but the new bankruptcy papers reveal he also owns
seven cars including three Chevy Suburbans and a Rolls Royce, Associated
Press reported.
Party's over: 50 Cent parties in his
own private casino in his mansion. He is the fourth person to own the
Connecticut mansion to face bankruptcy over the spiralling costs of
maintaining the huge property
Accusations: 50 Cent was ordered to
pay $5million to Lastonia Leviston in court after she said he posted a
sex tape of her online. Despite claiming to not own any fancy cars, new
documents show he owns seven
After
buying the property for $4.1million from Mike Tyson's ex-wife in 2003,
50 Cent spent another $6m renovating the house - installing stripper
poles, a helicopter pad and a private cinema.
Now
50 Cent is the fourth owner of the opulent house to face bankruptcy,
despite making $185,000 a month from royalties and investments. The
entertainer claimed he filed for Chapter 11 bankruptcy as a 'business
strategy'.
The
massive property boasts 50,000-square-feet, 52 rooms including nine
kitchens, and 17 acres of land including a basketball court with a
G-Unit logo.
Out of reach: During an interview with
Oprah Winfrey in 2012, 50 Cent said he feared he would face the same
money problems that the house's former owners had - but said he would
'count his money with an accountant'
Boston.com reports
that at one point the house was at least five times larger than
Farmington’s second largest home - describing it as the 'most notorious
house in Connecticut' and it remains one of the biggest private
residences in America.
The house was built for notoriously 'tacky' Colonial Realty founder Benjamin Sisti in 1985 for $2.3m.
The Hartford Courant described the businessman as 'to good taste as Madonna is to modesty.'
Sisti
became 'bankrupt' in 1990. Police later found out that Colonial Realty
was a ponzi scheme and around 7,000 investors lost all their money.
Out of his depth: 50 Cent's mansion has been described as the 'most notorious house in Connecticut'
Opulent: Court papers revealed 50 Cent spends $3,000 a month on clothes and $1,000 on grooming
Sisti
at one point said he had less than $15,000 in assets but it was later
revealed that he doled out all his assets to family members before
claiming he was broke.
The
former homeowner later spent nine years holed up in a far less
luxurious home- prison - after pleading guilty to bankruptcy fraud.
Boston.com reports that the mansion then went into foreclosure and was sold to People's Bank for $3.5m in an auction.
Lithuanian business owner Romas Martsinkiavitchous bought the house for $2.7m in 1993.
The
home proved to be too much for the Lithuanian import who was 'facing
bankruptcy' when he put the home up for sale for $3.5m the following
year.
Decadent: The house was built for notoriously 'tacky' Colonial Realty founder Benjamin Sisti in 1985 for $2.3m
Excessive: As part of his bill of £72,000 a month to maintain the property, 50 Cent spends $5,000 on gardening
It’s
not clear if he ever actually filed for bankruptcy though he pushed
away creditors until 1996 when he sold the house to Mike Tyson for
$2.8m.
Tyson
spent millions more installing a nightclub that could fit 1,000 people
called club TKO, an indoor shooting range, an NBA sized basketball court
on a former tennis court, and an entirely pink bedroom.
Despite
personalizing every nook and cranny of the house, the infamous boxer
decided to sell the home just one year later for $22m.
No
one wanted to buy the home, which included the decked out furnishings,
so in 2003 the house was awarded to Tyson's ex-wife Monica Turner as
part of their divorce settlement.
Tyson, who once had a $400 to his name, filed for bankruptcy.
Previous owner: Mike Tyson filed for bankruptcy after moving into the 50,000sq ft mansion in Framington
Lithuanian business owner Romas
Martsinkiavitchous later bought the house for $2.7m in 1993. The home
proved to be too much for the Lithuanian import who was 'facing
bankruptcy' when he put the home up for sale for $3.5m the following
year
Once he got the keys 50 Cent added a movie theater, a helicopter pad, an infinity pool, and stripper poles.
'He’s put a lot into it, and it’s all very tasteful, except the stripper poles,' said a real estate agent in 2007.
That same year, 50 Cent listed the home at $18.5m.
Over the years he dropped the price of the home hoping to find a buyer.
Oprah
Winfrey filmed a segment back in 2012 with the rapper asking him is he
was afraid what happened to the home's previous owners would happen to
him.
'Mike earned over $400m,' 50 Cent said.
'He sold the property to me when he couldn’t keep it. So it keeps you conscious of it.'
At the time of the interview, 50 Cent listed the property for $9,999,999.
50 Cent was also pretty sure he wouldn't have the same issues Mike Tyson did.
Mike Tyson bought the house for $2.8m
in 1996. Tyson spent millions more personalizing the home then tried to
sell it for $22m the next year and reported losing his $400m fortune
'I
never understand how artists get in a great situation and then not have
time to count money. Like, I have plenty of time. I’ll sit down and
count the money with the accountant,' he said.
Fans
had a tough time understanding how the 40-year-old New York born
rapper, actor, and Vitamin Water investor could be in a financial hole.
In
May, Forbes named 50 Cent as one of the five wealthiest hip-hop artists
in the United States with a net worth of $155m, largely from his
business interests in clothing, beverages and music technology.
William
Brewer, an attorney for 50 Cent, said in a statement that the
bankruptcy filing would allow him to 'continue his involvement with
various business interests and continue his work as an entertainer'
while he reorganizes his financial affairs.
It came two months after 50 Cent filed for bankruptcy protection for his SMS Promotions boxing promotion company.
Monday's bankruptcy filing lists his liabilities as in the region of $10m to $50m and his estimated assets in the same range.
The
rapper has sold more than 30 million albums worldwide and won a Grammy
Award in 2010. He has also worked as an actor, appearing in the 2008
film Righteous Kill, and as a boxing promoter.
His
latest movie Southpaw, in which he plays a manipulative manager and
boxing promoter, is due for release in U.S. movie theaters next week.
Mike Tyson was unable to find a buyer
for the home so it was awarded to his ex-wife Monica Turner in a divorce
Settlement. She later sold the home for $4.1 to 50 Cent
No comments:
Post a Comment