Facing down a $5 million judgment for posting a sex tape of Rick Ross’s baby mama, 50 Cent has declared bankruptcy to prove he can’t pay. It’s somewhat convenient that, after Forbes named him one of the richest rappers in the world just a few months ago, 50 claims his reported $155 million fortune is really just $4.375 million. He said this week that he rented cars and borrowed jewelry to keep up appearances.
In Manhattan Supreme Court Tuesday, 50 described his opulent lifestyle as “entertainment,” the New York Daily News reported, adding that he had to trade in two other cars to buy the Rolls-Royce he bragged about picking up “on a whim” early this month.
A Bentley and a Ferrari he’s posed with turned out to be rented, and his gold chain with diamonds was just a loaner. When questioned about a cat-shaped Cartier diamond pinky ring he posted on Instagram—”Cartier Cat 65k google that lol”— he said, “65 carats? I don’t think that’s even possible.”
(I did google that lol, and he’s right: a Panthére de Cartier ring with 292 diamonds still comes in at less than 2 carats. The Hope Diamond is 45 carats. I’m going to go out on a limb and say “65K” means the piece cost $65,000, which is on the high end for Cartier panther rings. The NYDN didn’t report whether he owned or borrowed it.)
The thing is, 50 is probably bullshitting about bullshitting. He has an $80 million endorsement deal with Reebok, plus $78 million from an underwear company, and $23 million from Interscope Records, all admitted to in court. And then there’s the reported $100 million he made from the sale of VitaminWater to Coca-Cola back in 2007. He told the court an NDA prevented him from revealing how much he actually profited.
If all that money’s gone, the rapper who was smart (or well-advised) enough to take equity instead of cash on that VitaminWater deal mysteriously got significantly worse at managing his finances over the past half-decade.
[Photo: AP Images]