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EXCLUSIVE: 50 Cent is $8 million MORE in debt than he's admitted before - but he is STILL spending $108,000 a month, rapper tells bankruptcy court
Rapper 50 Cent’s financial situation is more dire than previously claimed, new documents in his bankruptcy reveal.
While The Get Rich or Die Tryin' star, whose real name is Curtis James Jackson III, previously said he was only $28 million in the red, it has been revealed he is actually $36 million in debt - and he only has $19 million in assets, according to the documents obtained exclusively by Daily Mail Online.
The rapper filed for bankruptcy last year, just days after a New York jury ordered him to pay the mother of Rick Ross’s child $5 million over a leaked sex tape.
He also lost a legal battle with his his ex-business partner over a failed headphone deal and was slapped with a $17 million judgement in the case.
Rapper 50 Cent amended his bankruptcy documents earlier this week. He revealed he had more than $36 million in debt, despite previously admitting to $28.5 million
The rapper’s monthly income is $184,000, while he spends $108,000 per month on various expenses. Last month 50 Cent had to explain several Instagram photos in which he is seen posing with copious amounts of money
Instagrammade her concerned about allegations 50 Cent wasn't being truthful about his finances.
He has since declared that the fat stacks of cash he flaunted on Instagram were actually fake.
The superstar posted up a series of photos and videos on the app showing himself surrounded by piles of money.
But the photos sparked the ire of Judge Ann Nevins, who demanded to know exactly how the supposedly bankrupt megastar could get so much money.
'I'm concerned about allegations of nondisclosure and a lack of transparency in the case,' Judge Nevins said.
But in a written declaration,50 Cent declaredthat the money was prop money used for photo shoots, and that he was just trying to maintain his 'brand’.
'Hip-hop culture is widely recognized as aspirational in nature,' the declaration read. 'The standard by which artists and fans engage is commonly tied to money, jewelry, products and advertising over social media.
'Products and brands are now marketed through social media as an effective way to engage with consumers.
The same day he reached his April 12 deal, 50 Cent (picture heading in to court on March 9) was photographed at the Ace of Diamonds strip club in Los Angeles, where he reportedly spent $5,000
In one Instagram photo 50 Cent posted - claiming to hold up his 'brand' - an open fridge shows a bottle of Effen Vodka surrounded by wads of cash
Rapper 50 Cent says bankruptcy is 'strategic business move'
'Just because I am sensitive to the needs of maintaining my brand does not mean that I am hiding assets or that I have lied on my filings in this Bankruptcy Case, neither of which is true.'
Judge Nevins was concerned about three pictures on the rapper's Instagram account.
The first showed a bottle of Effen Vodka, which Jackson is paid to endorse, in Jackson's fridge, surrounded by stacks of money.
The second has Jackson spelling out the word 'BROKE' in $100 bills, and the third showing 50 Cent on his bed, covered in cash.
There is also a video showing Jackson getting cheese from his money-filled fridge before asking the camera, 'What?'
Another video shows him pretending to wake up in bed, only to discover his legs are buried under a pile of notes.
In an appearance on Conan in July of last year, 50 Cent told host Conan O'Brien that he had filed for bankruptcy to protect his finances.
'Yeah, I need protection,' he said. 'You get a bull’s-eye painted on your back when you’re successful, and it’s public. You become the ideal person for lawsuits.'
'So this is a way to protect yourself from lawsuits,' O'Brien replied.
'It is,' the rapper said. 'Re-organize things.'
The video was later pulled from the Conan website,Business Insiderreported
50 Cent is $12million MORE in debt than he admitted before
damn homie
- Rapper 50 Cent amended his bankruptcy documents earlier this week
- He revealed he is more than $36 million in debt, despite previously admitting to $28.5 million
- The new documents reveal that 50 Cent has than $8.8 million in real estate holding and $11 million in personal property - totaling in at $19.8 million in assets
- The rapper’s monthly income is $184,000, while he spends $108,000 per month on various expenses
- He currently owes $855,000 in domestic support obligations and $1.48 million in taxes and debts to the government
Rapper 50 Cent’s financial situation is more dire than previously claimed, new documents in his bankruptcy reveal.
While The Get Rich or Die Tryin' star, whose real name is Curtis James Jackson III, previously said he was only $28 million in the red, it has been revealed he is actually $36 million in debt - and he only has $19 million in assets, according to the documents obtained exclusively by Daily Mail Online.
The rapper filed for bankruptcy last year, just days after a New York jury ordered him to pay the mother of Rick Ross’s child $5 million over a leaked sex tape.
He also lost a legal battle with his his ex-business partner over a failed headphone deal and was slapped with a $17 million judgement in the case.
Rapper 50 Cent amended his bankruptcy documents earlier this week. He revealed he had more than $36 million in debt, despite previously admitting to $28.5 million
The rapper’s monthly income is $184,000, while he spends $108,000 per month on various expenses. Last month 50 Cent had to explain several Instagram photos in which he is seen posing with copious amounts of money
Instagrammade her concerned about allegations 50 Cent wasn't being truthful about his finances.
He has since declared that the fat stacks of cash he flaunted on Instagram were actually fake.
The superstar posted up a series of photos and videos on the app showing himself surrounded by piles of money.
But the photos sparked the ire of Judge Ann Nevins, who demanded to know exactly how the supposedly bankrupt megastar could get so much money.
'I'm concerned about allegations of nondisclosure and a lack of transparency in the case,' Judge Nevins said.
But in a written declaration,50 Cent declaredthat the money was prop money used for photo shoots, and that he was just trying to maintain his 'brand’.
'Hip-hop culture is widely recognized as aspirational in nature,' the declaration read. 'The standard by which artists and fans engage is commonly tied to money, jewelry, products and advertising over social media.
'Products and brands are now marketed through social media as an effective way to engage with consumers.
The same day he reached his April 12 deal, 50 Cent (picture heading in to court on March 9) was photographed at the Ace of Diamonds strip club in Los Angeles, where he reportedly spent $5,000
In one Instagram photo 50 Cent posted - claiming to hold up his 'brand' - an open fridge shows a bottle of Effen Vodka surrounded by wads of cash
Rapper 50 Cent says bankruptcy is 'strategic business move'
'Just because I am sensitive to the needs of maintaining my brand does not mean that I am hiding assets or that I have lied on my filings in this Bankruptcy Case, neither of which is true.'
Judge Nevins was concerned about three pictures on the rapper's Instagram account.
The first showed a bottle of Effen Vodka, which Jackson is paid to endorse, in Jackson's fridge, surrounded by stacks of money.
The second has Jackson spelling out the word 'BROKE' in $100 bills, and the third showing 50 Cent on his bed, covered in cash.
There is also a video showing Jackson getting cheese from his money-filled fridge before asking the camera, 'What?'
Another video shows him pretending to wake up in bed, only to discover his legs are buried under a pile of notes.
In an appearance on Conan in July of last year, 50 Cent told host Conan O'Brien that he had filed for bankruptcy to protect his finances.
'Yeah, I need protection,' he said. 'You get a bull’s-eye painted on your back when you’re successful, and it’s public. You become the ideal person for lawsuits.'
'So this is a way to protect yourself from lawsuits,' O'Brien replied.
'It is,' the rapper said. 'Re-organize things.'
The video was later pulled from the Conan website,Business Insiderreported
50 Cent is $12million MORE in debt than he admitted before
damn homie
