50 Cent

50 Cent: The Man Who Ruled The Real Estate Market!

Who is 50 Cent? 50 Cent is an American rapper, businessman, actor, and investor. His real name is Curtis James Jackson III. He took this name since he saw it as a metaphor for change and stated that this name conveyed all that he wanted to. He took this name from Kelvin Martin, a 1980s Brooklyn Robber. The beginning of his life was humble. He started from nothing and rose to the position wherever he is today. Jackson was the second wealthiest person in the hip-hop industry, behind Jay Z in the year 2007. Jackson also made tall earning both in business and in his acting career. He invested all his money in real estate, building an empire for himself. The proud owner of Connecticut Mansion: The fame of the American rapper reached the crescendo when he purchased the Massive Connecticut mansion in the year 2003 that was then owned by boxer, Mike Tyson. It is one of the biggest private residences in the whole of America. It costs around $72000 for maintenance. The mansion is set in an area that measures 50000 square –foot, which has 52 rooms and 25 bathrooms. Jackson has also spent an additional $6 Million in renovating the house. As a part of the renovations, a helipad, infinity pool, and a private cinema were added to its infrastructure. What went wrong down the line? Out of the blue, something went wrong down the line, and Jackson filed a Chapter 11 bankruptcy protection on 13th July. The amount was somewhere around $32 Million. Though he owned a huge empire, it’s all about how quickly you can mobilize funds. That’s where it went wrong. Very recently, before the event of his filing for the Chapter 11 bankruptcy protection, he was penalized by the court for about 5 Million and also lost a business deal where he had invested more than 2 million. Zeisler & Zeisler, a law firm in Bridgeport represented the case of Jackson, but that didn’t turn out successful as well. Jackson got into a situation where he had to sue his own lawyers, claiming that they lacked skills to confront the case. His business and investment moves that once seemed smart are all prone to criticism today. There were indications as early as in 2008 when he admitted that he had lost millions in the stock market and is unable to sell his real estate empire. However, in September 2016 the bankruptcy dispute came to an end, and Jackson has agreed to pay $23 Million as compensation for all his debts, over a span of 5 years. He sold his Connecticut mansion for $8 Million to a developer who was planning make it a nursing home, whereas the worth of the house is around $18.5 Million. After settling this dispute, he moved to a new crib in Africa. Though for 50 Cent, things were not as great as they were ten years back, no one can deny the fact that he once ruled the…