New court documents from 50 Cent’s bankruptcy filing have painted an illuminating picture of the rapper’s current financial situation and The Wall Street Journal has delved into the 56 pages to highlight some of the more noteworthy figures. Required as a part of the process toward 50′s hope for a fresh start, the 56-page filing sheds light on everything from his income ($4.3 million USD so far this year in royalties and merch sales) and debt (an ill-fated deal to develop headphones and subsequent lawsuit cost him $18.4 million USD) to his monthly expenses (including $9,000 USD on security), the value of G-Unit Records Inc. ($2.7 million USD), his Connecticut mansion (a formerly Mike Tyson-owned 21-bedroom home that features the likes of a racquetball court, home movie theater, and an eight-car garage), and much more.
Check out an in-depth look at the figures below and stay tuned for more regarding 50 and the ongoing filing.
Before filing for bankruptcy on July 13, Mr. Jackson had taken in $3.3 million in royalties, advances and merchandise sales for his “business income” as an entertainer so far this year. In 2013, that amount was about $4.3 million total. Mr. Jackson listed his monthly income as $184,969.58, nearly all of which flows in through his interest and dividends in his G-Unit-branded record, film, television and touring businesses. Forbesestimated his net worth to be $155 million, though the posting now says that the “number will be revised downward in light” of the bankruptcy. The publication once named him one of Hip-Hop’s Future Billionaires.
Shortly after his bankruptcy, Mr. Jackson blamed his financial troubles on two multi-million dollar judgments and the cost of defending himself. A soured business deal to develop headphones cost him $18.4 million in a lawsuit that followed. And a jury recently determined that Mr. Jackson should pay $7 million to Lastonia Leviston, who accused him of posting a sex tape of her online as part of a rap war with her now-ex-boyfriend Rick Ross.
Mr. Jackson said he pays $3,000 a month for meals and entertainment, $3,000 on wardrobe, $2,000 on travel and $1,000 on personal grooming. His biggest monthly expense is his $17,400 mortgage, and he also spends $9,000 on “security and protection.”
This is the value of the more than two dozen businesses that Mr. Jackson invested in or owns, according to court papers. His most valuable stock interest is in G-Unit Records Inc., which he says is worth $2.7 million. Another entity called Tomorrow, Today Entertainment, Inc. is worth $1.5 million, court papers said. In earlier documents, Mr. Jackson said he owns pieces of an adult film production company, a clothing unit that might have a new deal and a boxing-promotion company that used to represent Floyd Mayweather.
That’s the listed value for his Farmington, Conn., mansion, which boxer Mike Tyson once owned. The 21-bedroom home is reported to have a racquetball court, a home movie theater and an eight-car garage. The property has an unpaid loan of about $1 million left, according to court papers. Mr. Jackson also owns investment properties on Long Island and in Atlanta, each worth less than $600,000. And court papers also refer to a lease on a New Jersey apartment.
This is the value of Mr. Jackson’s 1966 Chevrolet Coupe, 2015 Chevrolet Suburban, 2010 Rolls Royce Phantom Drophea, 2005 Chevrolet Suburban, 2008 Dodge Sprinter, 2003 Chevrolet Suburban and 2012 Suzuki Kizashi Sport, according to insurance estimates. Court papers also refer to a leased 2012 Bentley Mulsanne.
Mr. Jackson didn’t list the value of his wearing apparel, furs, jewelry, collectibles, household furnishings and audio equipment yet. His lawyers said the value of those items will be determined by appraisal, and then they’ll refile his court papers. In a recent court hearing, Mr. Jackson said most of his bling was borrowed.
This is the amount that Mr. Jackson owes in domestic support obligations (a.k.a. child support) to ex-girlfriend and model Daphne Narvaez. The couple’s toddler is named Sire. This type of debt doesn’t go away when you file for bankruptcy protection. Just ask DMX, who filed for bankruptcy in 2013 saying that his $1.2 million in child support debt was preventing him from getting a passport to perform overseas. The case was later dismissed.