50 Cent’s Net Worth Going Bankrupt By $108K Per Month In Expenses
50 Cent’s expenses are stacking up so quickly that 50 cent’s net worth is quickly slipping toward making him a single penny rapper. It has been revealed in 50 Cent’s bankruptcy proceeding that the famous hip hop artist is spending an amazing $108,000 per month, including $72,000 alone for his home.
In a related report by the Inquisitr, Forbes lists 50 Cent’s net worth at $150 million, but the rapper and his lawyer claimed that 50 Cent is now just worth around $4 million, which does not include the $5 million dollars he owes in damages. The rapper claims he borrowed most of his wealth in order to create the image necessary for entertainment, and he even rented the Bentley and Ferrari. As for his gold, diamond-encrusted chains and his 65-carat pinkie ring that he boasted about on Instagram? “65 carats? I don’t think that’s even possible,” 50 Cent said.
According to the Wall Street Journal, 50 Cent’s bankruptcy proceedings required that he filed 56 pages worth of financial information which detailed just how poor the rapper really is in reality. During 2015, 50 Cent’s income has exceeded $3.3 million, which includes royalties, advances, and merchandise sales for all types of business income. 50 Cent listed his monthly income as $184,969.58, but that does not include the almost $24 million in physical assets or the $4.4 million in ownership in business ventures.
His claim about the rented high-end sports cars appears to be true, since he only has $500,618 in cars, which includes a 1966 Chevrolet Coupe, 2015 Chevrolet Suburban, 2010 Rolls Royce Phantom Drophea, 2005 Chevrolet Suburban, 2008 Dodge Sprinter, 2003 Chevrolet Suburban and 2012 Suzuki Kizashi Sport. The value of his bling has yet to be determined, although his lawyers claim he will be getting those appraised shortly.
While 50 Cent’s net worth certainly seems impressive, this account has yet to list his numerous debts. The 21-bedroom mansion is reported to be worth about $8.25 million, but 50 Cent also has an unpaid loan worth about $1 million and has a $17,400 mortgage payment each month. All in all, his monthly expenses total up to about $108,000 a month, although 50 Cent also owes $855,091 in child support to his ex-girlfriend Daphne Narvaez for their child named Sire.
Unfortunately, 50 Cent’s net worth took quite a hit from lawsuits. His total debt amounts to $32.5 million, which may be enough to put the rapper in the hole. The bankruptcy is giving 50 Cent a chance to organize his finances in the near term, but over the long term he really may end being worth less than 50 cents.
[Image via Getty Images]
