50 Cent Agrees To Re-List Connecticut Mansion As Part Of Bankruptcy Filing

By on August 27, 2015 in ArticlesEntertainment

In case you forgot, 50 Cent's bankruptcy situation is still active and moving forward. In fact, there was an important hearing just yesterday in a Connecticut court room to go over the rapper's current financial situation. In this hearing, 50's lawyers assured the judge presiding over the bankruptcy filing that their client would attempt to sell or lease his 50,000 square foot Farmington, Connecticut mansion as soon as possible.

The house sits on 17 acres and features 37 bathrooms, 21 bedrooms, a gym, a casino, a nightclub with stripper poles and much much more.

Ironically, 50 bought the house out of foreclosure from a bank for $4.1 million in 2003 after the previous owner, Mike Tyson, also went bankrupt. He then spent $6 million on various upgrades that included adding a helicopter pad, infinity pool and a private movie theater.

50's lawyers confirmed yesterday that the mansion costs roughly $72,000 per month to maintain and finance. He spends $5000 per month on gardening, $18,000 on utilities and $13,000 on insurance for the massive estate.

50 attempted to sell the house in 2007, at the peak of the housing bubble, for $18.5 million. No buyers bit. Then the bubble burst at the end of 2008. 50 attempted to sell the house several times over the last few years with no luck. Today the property is valued at around $8 million.

50 Cent's financial woes relate back to the fact that as of this writing, he technically owes over $30 million to various creditors. The largest debts are $18.4 million to a headphone company called Sleek Audio and $7 million to a Rick Ross' former girlfriend who appeared in a sex tape that 50 leaked to the public. In a recent court filing, 50 claimed he controlled just $15 million worth of assets, made up mostly of cash and stock.

Articles Written by Brian Warner
Brian launched CelebrityNetWorth in October 2008 after noticing a distinct lack of results for various celebrity finance web searches. He previously spent seven years as the Managing Editor of a large digital entertainment portal. Brian's favorite rags to riches billionaire is Kirk Kerkorian.
Did we make a mistake?
Submit a correction suggestion and help us fix it!
Submit a Correction
Discussion