50 Cent, an American rapper and businessman, has amassed a fortune of over $250 million thanks to his string of number-one albums and singles and his many successful business enterprises. Are you interested in knowing how much is 50 Cent’s net worth? You can read 50 Cent’s career, early life and bankruptcy details here.
His bankruptcy petition in July 2015 showed how his lavish lifestyle had drained his finances.
50 Cent’s Early Life
50 Cent’s real name is Curtis James Jackson III, born on July 6, 1975, in Queens, New York City. His mother, Sabrina, was a drug dealer, and he grew up in the South Jamaica section of the city. Jackson was only 8 years old when she passed. In the end, 50 Cent’s grandma became his primary caregiver. He started distributing drugs after school when he was just 12 years old.
He was detained when he was caught trying to carry guns and drug money into his high school in the tenth grade. When police searched his residence in 1994, they found heroin, crack cocaine, and a gun, leading to his second arrest for selling cocaine to an undercover cop. He went to boot camp for a year and graduated with his GED.
50 Cent’s Career
With the release of the underground rap tune “How To Rob,” Jackson quietly rose to fame. He was shot and hospitalized in May of 2000, just before the release of his single “Thug Love” with Destiny’s Child. A gunman had attacked him outside his grandmother’s Queens home. 50 Cent was shot nine times (in hand, arm, hip, both legs, chest, and left cheek) by an alleged assailant named Darryl Baum, formerly Mike Tyson’s bodyguard.
Three weeks after the attack, the attacker was eliminated. 50 Cent spent 13 days in the hospital and signed a publishing contract with Columbia Records. But when he tried to release the song “Ghetto Qu’ran,” Columbia dropped him. The whole U.S. recording industry had banned him, so he moved to Canada to make mixtapes to regain his footing. His “Guess Who’s Back?” mixtape came out in 2002.
50 Cent’s Rise To Fame
In 2002, Eminem was the one who uncovered Jackson. After hearing “Guess Who’s Back?,” Eminem was so thrilled that he suggested Jackson go to Los Angeles to meet Dr. Dre. 50 Cent made headlines when he dropped the million-dollar album “No Mercy, No Fear.” One of 50 Cent’s songs was featured on the soundtrack of Eminem’s “8 Mile” film. 50 Cent’s first album, 2003’s “Get Rich or Die Trying,” catapulted him to stardom.
Selling nearly a million copies in its first four days, it went straight to the top of the Billboard charts. The first single, “In Da Club,” became the most played song in radio history in just one week. Afterward, Interscope granted 50 his own record company, G-Unit Records. In March of 2005, Jackson dropped his next studio album, “The Massacre.” Another unexpected smash hit, it sold 1.14 million copies in its first four days and stayed at No. 1 on the Billboard 200 for an entire month.
In 2007, he released his third studio album, Curtis, which debuted at number two on the Billboard 200. Number four, titled “Before I Self Destruct,” was released in the fall of 2009. His fifth album, “Street King Immortal,” was delayed until November 2012 due to creative differences with his record label. A total of over 21 million copies of his studio albums have been sold worldwide.
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50 Cent’s Other Pursuits
Although he has only been famous for a short period, 50 Cent has already established the G-Unit record label, the G-Unit clothing line and performed in multiple films alongside Hollywood greats such as Al Pacino and Robert Deniro. In 2012, he established The Money Team, a boxing marketing organization.
Declaring Bankruptcy
It was first reported that 50 Cent filed for Chapter 11 bankruptcy on July 13, 2015. Since 50 resides in Connecticut, the default was submitted to the US bankruptcy court there.
The paperwork indicates that 50 was residing at 50 Poplar Hill Dr, Farmington, CT 06032 (formerly Mike Tyson’s mansion). 50 Cent’s assets were valued at between $10 million and $50 million, according to the document. He said he owed the same amount of money as that.
The paperwork was filed just days after a jury awarded Rick Ross‘ ex-girlfriend Lavonia Leviston $5 million in damages for the unauthorized release of a s*x tape in which she appeared. The award comprised $2.5 million for unauthorized use of her image and another $2.5 million for mental anguish. So that the jury might assess additional punitive damages, the judge additionally demanded that Mr. Jackson provide evidence of his income and wealth.
About a year before the $5 million decision, a different judge ordered 50 to pay $17.5 million in penalties for a trademark infringement lawsuit involving a former partner in a headphone company. He faced a possible legal judgment of $22.5 million in the s*x tape case before punitive damages were factored in. Private Matters
50 Cent’s Personal Life
50 Cent and his ex-girlfriend Shaniqua Tompkins have a son together. It was in October of 1996 that Marquise Jackson entered the world. Tompkins demanded $50 million from Jackson, but his lawsuit was eventually thrown out. Multiple social media exchanges have taken place between the two.
50 Cent’s Net Worth
Rapper, producer, actor, and businessman 50 Cent is a multi-talented American. 50 Cent has a net worth of $40 million as of this writing. 50 Cent has made at least $260 million throughout his career from record sales, concert tours, and endorsement deals.
He filed for Chapter 11 bankruptcy in July 2015 due to excessive spending on real estate, vehicles, and legal disputes. More on the report later in this piece. Before declaring bankruptcy, 50 Cent was worth more than $100 million at his height.
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Connecticut Mansion
50 Cent purchased a 17-acre estate in Connecticut in 2003, including a 50,000-square-foot mansion with 37 bathrooms, 21 bedrooms, a gym, a casino, and a nightclub. He purchased the property from the bank after it had foreclosed and evicted Mike Tyson. 50 Cent bought the house for $4.1 million, then spent another $6 million improving it with features including a private theatre, infinity pool, and helipad.
It was revealed to us by 50s lawyers during his bankruptcy that the monthly upkeep and financing of the house cost approximately $72,000. His utility bills alone amount to $18,000 each year.
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