50 Cent Reveals In Court His Monthly Expenses Total $108K After Bankruptcy Filing
50 Cent revealed this week in bankruptcy court that his monthly expenses total $108,000, while he’s earning $185,000 from royalties and investments. The rapper and actor, whose real name is Curtis Jackson III, had filed for bankruptcy earlier in July after Lastonia Leviston, a woman he allegedly posted a sextape of online, won a $7 million award against him.
In some court documents filed in Connecticut on Monday, the court listed Jackson’s assets at $24 million, with $32 million of debts. Sleek Audio, an electronics company, has also sued him for $18 million after he allegedly failed to fulfill a partnership in headphones production.
50 Cent’s Monthly Expenses Are $108,000
In the Leviston case, Jackson denied having a “lavish lifestyle.” He explained later that all of the images of him project a facade. “It’s a borrowed piece of jewelry from the jeweler,” he answered Leviston’s lawyer when he asked him about a 65-karat ring.
Even though Jackson denied owning expensive cars, the court documents report he still owns seven cars, including a Rolls Royce. The documents also report Jackson experienced more than $10 million of losses in the past two years.
Each month, Jackson says he needs $72,000 to maintain his 50-room mansion, plus $9,000 for security, $5,000 for gardening, $1,000 for grooming and even $3,000 to renew his wardrobe. He also supports his two kids and his grandfather, giving them a total of $14,600 a month.
“Walt Disney has filed for bankruptcy before. Donald Trump has filed for bankruptcy. It means you’re reorganizing your finances at that point,” he told E!. “I don’t want everybody to pick me as the guy they just come to and get astronomical claims and go through all of that. I take the precautions that any other good businessperson would take in this situation.”
50 Cent’s attorney William A. Brewer III explained earlier in July that “this filing for personal bankruptcy protection permits Mr. Jackson to continue his involvement with various business interests and continue his work as an entertainer.”
Jackson is due back in court on Wednesday.