Curtis James Jackson III, better known by his stage name 50 Cent, was born in Queens, New York City, on July 6, 1975. His mother, Sabrina, was a heroin dealer in the South Jamaica neighborhood where he was raised. Jackson’s mother passed away when he was only 8 years old. After then, 50 Cent’s grandmother became his primary source of income.
What is 50 Cent’s Net Worth?
American rapper 50 Cent works as a producer, actor, and businessman. 50 Cent has a $40 million net worth as of this writing. 50 Cent has made at least $260 million from numerous activities throughout his career, including selling songs, touring, and establishing several brand partnerships.
Unfortunately, he has also been extravagant with his money, filing for Chapter 11 bankruptcy in July 2015 due to his spending on real estate, automobiles, and lawsuits. This post will go into great detail about the file later. Before filing for bankruptcy, 50 Cent had over $100 million net worth.
Cent’s Net Worth?
On July 6, 1975, in Queens, New York City, Curtis James Jackson III was named 50 Cent. His drug-dealing mother, Sabrina, raised him in the South Jamaica ghetto. Jackson was only eight years old when she passed away. Then, his grandma reared 50 Cent. He started distributing drugs after school at the age of 12.
He was detained after he attempted to bring guns and drug money to his high school in the 10th grade and was discovered by metal detectors. When authorities searched his residence and found heroin, crack cocaine, and a gun, they arrested him again in 1994 for selling cocaine to an undercover police officer. He completed a boot camp for six months and received his GED.
How Did 50 Cent Start His Career?
When Jackson released the contentious underground rap tune “How To Rob,” he quietly rose to fame. He was getting ready to release “Thug Love,” a single with Destiny’s Child, in May 2000 when he was shot and taken to the hospital. A shooter had ambushed him outside the Queen’s house of his grandmother. 50 Cent was shot in the hand, arm, hip, both legs, chest, and left cheek by an assailant (reported attacker Darryl Baum, who was Mike Tyson’s bodyguard).
Three weeks later, the assailant was put to death. While spending 13 days in the hospital, 50 Cent inked a publishing agreement with Columbia Records. When he attempted to release the song “Ghetto Qu’ran,” Columbia fired him. He was also put on a blacklist by the whole American recording industry, so to further his notoriety, he traveled to Canada to produce music for mixtapes. He issued the mixtape “Guess Who’s Back?” in 2002.
50 Cent Other Pursuits
50 Cent established the record label G-Unit Records during his brief stint in the public eye. He also started the G-Unit apparel line and appeared alongside actors like Al Pacino and Robert Deniro in multiple films. In 2012, he established the boxing promotion business The Money Team.
50 Cent Bankruptcy Filing
The Wall Street Journal reported on July 13, 2015, that 50 Cent had requested Chapter 11 personal bankruptcy protection. Because 50 is a resident of Connecticut, the bankruptcy was filed at the US bankruptcy court in Hartford, Connecticut.
50 was residing in Mike Tyson’s former home at 50 Poplar Hill Dr, Farmington, CT 06032, at the time of the filing. 50 Cent listed assets worth between $10 million and $50 million in the filing. He asserted that he owed obligations in an equal amount.
The application came days after a jury awarded 50 a $5 million verdict against Lavonia Leviston, Rick Ross’s ex-girlfriend, for willfully distributing a sex tape in which she was seen. The total judgment included $2.5 million for unauthorized use of her image and an additional $2.5 million for emotional suffering. Additionally, the judge, in that case, required Mr. Jackson to provide documentation of his earnings and net worth so the jury could determine additional punitive penalties.
50 Cent Personal Life
With his ex-girlfriend Shaniqua Tompkins, 50 Cent has a son. In October 1996, Marquise Jackson was conceived. Tompkins later filed a $50 million lawsuit against Jackson, but it was dismissed. The two have frequently engaged in conflict on social media.
After fellow rapper Kanye West criticized President George W. Bush in 2005 for his tardy response to the Hurricane Katrina crisis, 50 defended the president. Jackson later backed Hillary Clinton in 2016 and Barack Obama in 2008. Jackson does not use alcohol or drugs, despite the words in many of his songs.
After passing through Cincinnati International Airport in May 2016, Jackson bullied and insulted a janitor, accusing him of being inebriated. It found out that the janitor was a teenage boy with autism and hearing loss. The teenager’s parents sought to sue 50 Cent once the video became prevalent. They were content with 50 Cent’s apology and $100,000 gift to Autism Speaks.
50 Cent Connecticut Mansion
In Connecticut, 50 Cent purchased a 17-acre estate in 2003 that includes a 50,000-square-foot home with 21 bedrooms, 37 bathrooms, a gym, a casino, and a nightclub. Mike Tyson’s former owner, a bank, had only recently been evicted when he purchased the property out of foreclosure from them. After investing an extra $6 million in upgrades, including the addition of a private movie theatre, an infinity pool, and a helicopter pad, 50 Cent paid $4.1 million for the property.
During his bankruptcy hearings, we learned through 50’s attorneys that the house typically requires about $72,000 in monthly maintenance and financing. Just his utilities were $18,000. The house was initially put up for sale by 50 for $18.5 million, but they were unsuccessful. Since then, he has tried unsuccessfully to sell the house.