Rapper 50 Cent has finally sold his Connecticut 21-bedroom mansion for the price of $8 million to a nursing home management company which will serve as an assisted living facility for the elderly.
The rap star first bought the sprawling 21-bedroom home from boxer Mike Tyson for $4.1 million at the height of his fame, in 2003, the year he released some of his top hits P.I.M.P, In Da Club, and 21 Questions on the album Get Rich Or Die Tryin’.
But, after reportedly investing up to $10 million in renovations of the gym, racquetball courts, and disco room with stripper poles, he placed the house back on the market in 2007. He reportedly spent $6million on renovating the house grounds, and installed a helicopter pad, infinity pool and a private cinema.
50 Cent, whose real name is Curtis Jackson III, initially listed the house in Farmington for $18 million in 2007, and has been gradually reducing the asking price ever since.
The 50,000-square-foot home has 25 bathrooms, 52 rooms in total, including nine kitchens. It is one of the biggest private residences in America, and it costs a whopping $72,000 a month to finance and maintain.
The timing of the sale could prove to be a great help for the hip-hop star, who filed for bankruptcy last year July, days after he was ordered to pay $5 million in damages to rap rival Rick Ross’ ex, Lavonia Leviston, for leaking her sex tape online.
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50 Cent was subsequently slapped with another $2 million in punitive damages. The rapper was also entangled in a $18 million lawsuit over his headphones businesses, and says his costly legal woes have forced him to file for bankruptcy.
The musician has sold more than 22 million albums, and Forbes once estimated the entertainer and businessman’s net worth at $150 million largely from his business interests in clothing, beverages and music technology.
The G-Unit rapper has followed in the footsteps of Tyson and two other former owners of the huge property, as none of them could afford to keep.
The house was built for notoriously ‘tacky’ Colonial Realty founder, Benjamin Sisti in 1985 for $2.3 million. Sisti became ‘bankrupt’ in 1990 and sold out the mansion to People’s Bank for $3.5 million in an auction.
Lithuanian business owner Romas Martsinkiavitchous bought the house for $2.7m in 1993. The home proved to be too much for the Lithuanian import who was ‘facing bankruptcy’ when he put the home up for sale for $3.5 million the following year. In 1996, Romas Martsinkiavitchous sold the house to boxer Mike for $2.8 million.
Despite personalizing every nook and cranny of the house, Tyson decided to sell the home just one year later for $22 million.