Rapper 50 Cent, whose real name is Curtis Jackson, filed for bankruptcy last week. This was a surprise to fans because they thought the singer was wealthy based on his lavish lifestyle. During his testimony in Manhattan Supreme Court on Tuesday, 50 Cent admitted that the lavish lifestyle he often brags about is all an act. He faked his wealth with borrowed jewelry and rented cars, according to the Huffington Post on Wednesday.
Jackson’s claims about owning multiple cars and having millions of dollars to spend was just for entertainment. The 40-year-old rapper, singer, entrepreneur, investor, and actor admitted to purchasing a Rolls Royce on a whim on July 4, but he said he only did so after trading in a Lamborghini and another vehicle. He also said the fancy jewelry he often sports had been borrowed and that cars including a Bentley and a Ferrari were rented, not owned as he had pretended them to be. The gold chain with diamonds he wears was a loaner. His alleged 65-carat Cartier tiger ring was not 65 carats, and he never made that $1.6 million bet on the Floyd Mayweather and Manny Pacquiao fight.
According to MSN, the rapper testified that his lavish lifestyle is just an illusion. He confessed that after posing for pictures with flashy vehicles and accessories, “I take the jewelry and the cars back to the stores.”
Jackson did admit that he really does own a house on a 17-acre estate in Connecticut that has 21 bedrooms, 24 bathrooms, a basketball court, a movie theater and a personal nightclub. Forbes had published 50 Cent’s net worth at $155 million back in May, landing him the No. 4 spot on the “Forbes Five” of the wealthiest hip-hop artists. But during Tuesday’s hearing, the rapper said he is really only worth $4.375 million. That’s a big gap between $155 million and $4.375 million.
The hip-hop mogul was in court regarding a lawsuit filed by Lastonia Leviston, who accused Jackson of posting a private sex tape of her and her former boyfriend online. Jackson did it to bring shame on Rick Ross because they were in a rapper war. Jackson was required to testify about his personal wealth so that a jury could decide how much he should pay Leviston in damages. Jackson has been ordered to pay $5 million to Leviston. Leviston’s lawyer grilled Jackson about his music and acting career, as well as nearly $300 million in endorsement deals.
When 50 Cent filed for in Hartford, Connecticut last week, his reported assets and debts were each in the range of $10 million to $50 million. The filing came days after a judge ordered him to pay $5 million to Lavonia Leviston. According to the New York Times, 50 Cent concluded, “Now that I filed for bankruptcy, I’m not as cool as I was last week.”