No cents left for 50?
50 Cent, also known as Curtis James Jackson III, filed for Chapter 11 bankruptcy Monday. According to CNBC, documents in the Connecticut Bankruptcy Court list 50’s total assets to be between $10 and $50 million—but his debts are listed in the same range as well.
This a bit of a surprise, as just one year ago Forbes listed 50 as the fifth richest artist in hip-hop with a net worth of $140 million. Much of this wealth comes from the rapper’s $100 million deal with Vitamin Water in 2007, but 50 also founded his own record label, producting company, and clothing line all under the brand “G-Unit.”
The declaration comes within one week of a court order requiring the rapper to pay $5 million to Lastonia Leviston, Rick Ross’ baby’s mother, for releasing her sex tape without her permission. 50 leaked the tape of Leviston with one of her past boyfriends, including commentary by the rapper himself, during his 2009 feud with Ross. The rapper has to pay $2.5 million for violating Leviston’s civil rights by using her image without permission and $2.5 million for intentionally causing her emotional distress.
Some suspect 50’s declaration of bankruptcy is intended to help 50 avoid paying Leviston the full $5 million, but his lawyers said in a statement that it “permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”