Curtis Jackson III, better known as rapper 50 Cent, filed for Chapter 11 bankruptcy protection in Hartford, Connecticut Monday morning. An employee at Connecticut’s bankruptcy court tells BlackEnterprise.com that, so far, Jackson has listed two creditors: the IRS and the State of Connecticut Department of Revenue.
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“He has 14 days to get us detailed petitions so there could be more,†the bankruptcy court employee said in a phone interview. “He can also ask for an extension,†she added.
Jackson said he owed between one and 49 creditors between $10 and $50 million. He also estimated his assets – which include his home in Farmington, Connecticut, which he purchased from boxing champion Mike Tyson in 2004 for $4.1 million – to be between $10 and $50 million.
On Friday, a jury in a Manhattan civil court awarded Latonia Leviston $5 million in damages for violation of her civil rights. Jackson lost the lawsuit which was brought when he posted a sex tape involving Leviston in 2009. Punitive damages will be weighed later this week.
A spokesperson for the law firm that represents Jackson said he filed for bankruptcy “to continue his involvement with various business interests and continue his work as an entertainer, while he pursues an orderly reorganization of his financial affairs.”
In 2015, Forbes estimated Jackson’s net worth to be $155 million, attributing $100 million to the sale of Vitamin Water in 2007. Jackson took equity in the company instead of a salary when he helped promote its products.