Last month, 50 Cent filed for bankruptcy.
The move surprised many, as despite his choice of stage name, the 40-year-old rapper is actually known to be quite wealthy.
The situation was soon revealed to be more complex than most such matters, as 50 confirmed that he has millions in the bank and suggested that he’s declaring bankruptcy for legal reasons.
Specifically, Fiddy was trying to get out of being fleeced in a lawsuit filed by Rick Ross’ ex-wife which alleged that Mr. Cent posted a sex tape online in order to damage her reputation.
Unfortunately for 50, that’s not quite how the law works, and he’ll likely be forced to fork of a lot of cash to the former Mrs. Ricky Rozay.
So why did 50 file for bankruptcy? Was he simply the victim of some bad legal advice?
Well, it seems that as is so often the case in these situations, the truth is considerably less interesting than the rumors.
It turns out, 50 is worth a lot – about $24 million in assets and earnings, to be exact.
However, he’s about $32 million in debt, which he mostly attributes to lawsuits and the cost of defending himself.
50 says he shells out over $100,000 in monthly expenses, mostly for the maintenance and mortgage on his Connecticut mansion.
He also pays almost a million a year in child support.
But before you start to fell too bad for the G-Unit commander-in-chief, you should know that 50 currently has more than $500,000 in cars sitting in his driveway.
As for all his bling and furs? The value of his collection is so high he had to bring a special appraiser to determine the value.
