RapVerse.com Community
 Phenom | Kingz | Dabatos | TonySelf | Tha Q | Half Breed | Tito | 7th End RV Radio  

Go Back   RapVerse.com Community > The block > Hip-Hop Talk > Hip-Hop Talk Archives
User Name
Password
FAQ Calendar Search Today's Posts Mark Forums Read

 
 
Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
Old 08-10-07, 06:26 PM   #1
tornado220
Light Weight
 
Posts: 298
50 cents is broke do yall believe this story?

IP:

STORY
***********
Curtis "50 Cent" Jackson's hit song I Get Money is one of the hottest songs out now. In it, the platinum selling rapper brags about all his riches. But according to a person familiar with 50 Cent's finances, a few months ago he was singing a different tune.

The insider reported that earlier this year, 50 Cent was facing a serious cash crunch. Our source explains, "[50 Cent] was bleeding cash. Between the [50,000 square foot] Connecticut mansion and him financing the lifestyles of the dozen or so members of his entourage - he was spending millions."

And touring, the leading source of income for the platinum selling artist, wasn't bringing in what it should have. The insider tells, "Because of the size of [50 Cent's] entourage and the amount paid out for security - he wasn't making the money that he expected."

As the expenses started to add up, 50 Cent was on the verge of a crisis. The insider explained, "It wasn't that [50 Cent] was broke. He had plenty of assets - just not a lot of cash ... Eventually his accountants advised him to start selling [some of] them off."

And sell is exactly what 50 Cent tried to do. Despite the difficult real estate market, he put up his Connecticut mansion for sale. He also sold a number of his luxury cars. And according to the source, he was exploring the idea of selling his interest in G-Unit records.

But before the platinum selling artist had to sell even one item, he was bailed out. Earlier this year Coca Cola announced a $4.1B cash offer for Vitamin Water - an "enhanced water" company which 50 Cent owned a minority stake. The deal, which closed in June, netted the rapper millions in cash.

50 Cent made a fortune in the deal. Our source said "I've seen estimates that 50 Cent's take in the Vitamin Water deal was somewhere between $100M and $400M. I can tell you from first hand information that he made in the neighborhood of $40M." And the insider adds, "The $40 million in cash was more than enough to get him out of his predicament. Hopefully he'll manage things more wisely in the future."

Since the deal closed, 50 Cent has taken his Connecticut mansion off the market. He's also taken all but one of his luxury cars off the market. The rapper's silver Lamborghini is still up for sale.
  Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump



All times are GMT -4. The time now is 06:44 AM.

Powered by vBulletin.
Copyright © 2000-2004 Jelsoft Enterprises Ltd.