50 Cent is selling off his Connecticut mansion for $3 million — a whopping $15.5 million less than he bought it for back in 2007.
He apparently plans to donate all the money to charity — his own G-Unity Foundation, which provides grants to non-profit organizations that improve the quality of life for low-income and under-served communities. The 50,000 square foot property includes 21 bedrooms, 25 bathrooms, indoor and outdoor pools, a casino, a grotto, a home theater, a recording studio, a basketball court with the G-Unit logo and a pond.
He’s been trying to unload the property for years. In his 2015 bankruptcy filings, we learned it reportedly costs a whopping $72,000 a month to maintain. In fact, nearly everyone who has had their name on the deed fell into some sort of financial misfortune. The original owner, a real estate develop wound up going to jail for bankruptcy fraud. Another owner who went broke had the property for less than a year before they sold it to Mike Tyson for roughly the same price they bought it for. Tyson, too, became bankrupt while living at the Connecticut mansion.
Fasho Thoughts:
- Is he giving the money away just so he doesn’t look desperate for cash?
- If he’s telling the truth about the upkeep cost, he’s cutting his losses. At 72 grand a month, he’s blowing through nearly a million a year.
- I know it goes against the whole narrative of 50 Cent being this successful mogul, but losing $15.5 million is a bad investment whatever way you cut it.
- At least the charity donation means he’ll be able to make a huge tax deduction — potentially one he could benefit from for years to come.
- Sounds like the mansion was more of a money pit than anything else.
Source: CS / CS
