Bankrupt 50 Cent's mansion costs him $70k a MONTH to maintain (2024)

Rapper 50 Cent filed for bankruptcy on Monday as it was revealed he spends $72,000 a MONTH to live in his lavish Connecticut mansion which has its own private casino, basketball court and nine kitchens.

The entertainer has followed in the footsteps of Mike Tyson and two other former owners of the huge property, one of the biggest private residences in America, that none of them could afford to keep.

Court papers revealed the star, real name Curtis Jackson, spends a whopping $108,000 on his expenses each month, including $5,000 on gardening alone.

Scroll down for video

He splashes $3,000 a monthon clothes and $1,000 on grooming - but still owes his barber, stylist and personal trainer money.

The New York rapper also pays $14,600 per month to help support his grandfather and two children.

Last week 50 Cent was ordered to pay Lastonia Leviston $5million in damages by a Manhattan court, after she said he posted a sex tape of her online without her permission.

During that court case he claimed to live modestly and that he didn't own expensive vehicles, but the new bankruptcy papers reveal he also owns seven cars including three Chevy Suburbans and a Rolls Royce, Associated Press reported.

After buying the property for $4.1million from Mike Tyson's ex-wife in 2003, 50 Cent spent another $6m renovating the house - installing stripper poles, a helicopter pad and a private cinema.

Now 50 Cent is the fourth owner of the opulent house to face bankruptcy, despite making $185,000 a month from royalties and investments. The entertainer claimed he filed for Chapter 11 bankruptcy as a 'business strategy'.

The massive property boasts 50,000-square-feet, 52 rooms including nine kitchens, and 17 acres of land including a basketball court with a G-Unit logo.

Boston.com reports that at one point the house was at least five times larger than Farmington’s second largest home - describing it as the 'most notorious house in Connecticut' and it remains one of the biggest private residences in America.

The house was built for notoriously 'tacky' Colonial Realty founder Benjamin Sisti in 1985 for $2.3m.

The Hartford Courant described the businessman as 'to good taste as Madonna is to modesty.'

Sisti became 'bankrupt' in 1990. Police later found out that Colonial Realty was a ponzi scheme and around 7,000 investors lost all their money.

Sisti at one point said he had less than $15,000 in assets but it was later revealed that he doled out all his assets to family members before claiming he was broke.

The former homeowner later spent nine years holed up in a far less luxurious home- prison - after pleading guilty to bankruptcy fraud.

Boston.com reports that the mansion then went into foreclosure and was sold to People's Bank for $3.5m in an auction.

Lithuanian business owner Romas Martsinkiavitchous bought the house for $2.7m in 1993.

The home proved to be too much for the Lithuanian import who was 'facing bankruptcy' when he put the home up for sale for $3.5m the following year.

It’s not clear if he ever actually filed for bankruptcy though he pushed away creditors until 1996 when he sold the house to Mike Tyson for $2.8m.

Tyson spent millions more installing a nightclub that could fit 1,000 people called club TKO, an indoor shooting range, an NBA sized basketball court on a former tennis court, and an entirely pink bedroom.

Despite personalizing every nook and cranny of the house, the infamous boxer decided to sell the home just one year later for $22m.

No one wanted to buy the home, which included the decked out furnishings, so in 2003 the house was awarded to Tyson's ex-wife Monica Turner as part of their divorce settlement.

Tyson, who once had a $400 to his name, filed for bankruptcy.

Once he got the keys 50 Cent added a movie theater, a helicopter pad, an infinity pool, and stripper poles.

'He’s put a lot into it, and it’s all very tasteful, except the stripper poles,' said a real estate agent in 2007.

That same year, 50 Cent listed the home at $18.5m.

Over the years he dropped the price of the home hoping to find a buyer.

Oprah Winfrey filmed a segment back in 2012 with the rapper asking him is he was afraid what happened to the home's previous owners would happen to him.

'Mike earned over $400m,' 50 Cent said.

'He sold the property to me when he couldn’t keep it. So it keeps you conscious of it.'

At the time of the interview, 50 Cent listed the property for $9,999,999.

50 Cent was also pretty sure he wouldn't have the same issues Mike Tyson did.

'I never understand how artists get in a great situation and then not have time to count money. Like, I have plenty of time. I’ll sit down and count the money with the accountant,' he said.

Fans had a tough time understanding how the 40-year-old New York born rapper, actor, and Vitamin Water investor could be in a financial hole.

In May, Forbes named 50 Cent as one of the five wealthiest hip-hop artists in the United States with a net worth of $155m, largely from his business interests in clothing, beverages and music technology.

William Brewer, an attorney for 50 Cent, said in a statement that the bankruptcy filing would allow him to 'continue his involvement with various business interests and continue his work as an entertainer' while he reorganizes his financial affairs.

It came two months after 50 Cent filed for bankruptcy protection for his SMS Promotions boxing promotion company.

Monday's bankruptcy filing lists his liabilities as in the region of $10m to $50m and his estimated assets in the same range.

The rapper has sold more than 30 million albums worldwide and won a Grammy Award in 2010. He has also worked as an actor, appearing in the 2008 film Righteous Kill, and as a boxing promoter.

His latest movie Southpaw, in which he plays a manipulative manager and boxing promoter, is due for release in U.S. movie theaters next week.