AceShowbiz - 50 Cent has suffered major loss with his latest property deal. The rapper, whose birth name is Curtis James Jackson III, has sold his massive Connecticut mansion for $2.9 million, or 84% less than its initial price.
The 52-room compound located in Farmington was purchased by the 43-year-old musician/actor in 2003 from former boxer Mike Tyson for $4.1 million in 2003, property records show. The deal set a still-standing record for the most expensive home ever sold in Farmington, which is about 80 miles north of Greenwich, according to appraiser Jonathan Miller.
The mansion, which spreads over an area of 50,000 square ft., boasts a recording studio, a home theater, an indoor pool, a conference center, game rooms, a basketball court with the logo for 50 Cent's G-Unit hip-hop group, and a night club decorated with murals depicting the star's large back tattoo and of him wearing a bedazzled cross medallion and pointing a gun. It is reportedly much larger than other homes in the town of Farmington.
The property was first listed on the market in 2007 and underwent several price cuts over the years. Most recently, it was seeking for $4.995 million. It had also been listed for rent at $100,000 a month.
The cost to maintain the property was estimated at almost $70,000 a month, including property taxes and mortgage payments, according to documents related to his Chapter 11 bankruptcy filing in 2015. He managed to hold onto the house despite his financial difficulties several years ago.
Sharing a different version of the home sale, TMZ reports that 50 Cent's mega-mansion in Connecticut was sold for $3 million. The 21-bedroom and 25-bathroom property was purchased by the "Power" star in 2007 for $18.5 million, according to the site.
It's unclear if the mansion in question is the same property which other sites report to have been sold for $2.9 million. TMZ further claims that 50 Cent is donating every cent from the house sale to 50's G-Unity Foundation, which benefits non-profit organizations focusing on improving the quality of life for low-income and underserved communities across the country.