Entrepreneur and hip-hop artist 50 Cent is known for being a clever businessman. But there’s one purchase that caused more challenges for him than any other: purchasing an extravagant mansion once owned by former heavyweight champion Mike Tyson.
“I had it for 14 years, the upkeep was about $700,00 a year,” 50 Cent said in an interview on Big Boy’s Neighborhood. The interview took place in January, but has recently resurfaced on social media.
At the height of 50 Cent’s rap career, in 2003, he purchased the mansion for $4.1 million. The 50,000-square-foot estate sat on almost 18 acres of land. Located in Farmington, Connecticut, the home included 19 bedrooms and 16.5 bathrooms along with other extravagant amenities such as a nightclub, conference room, two basketball courts and a recording studio.
But for 50 Cent, who had just earned $38 million following his “Rock the Mic Tour,” he thought it was a good investment that also would reap tax benefits.
“If you don’t spend it, you know the IRS is gonna take it,” 50 Cent told YouTuber Brian J. Roberts in a 2021 interview. “I needed the expenses.”
A Money Pit
When 50 Cent purchased the estate, it was the most expensive home sold in the local area of Farmington, a town in central Connecticut and just two hours from New York City.
Purchasing an extravagant home might have seemed like the ultimate flex, but 50 Cent soon learned how much it would cost to maintain the home.
The new homeowner invested almost $6 million into renovating the estate, according to Forbes. These renovations included a nightclub in which he spent over $100,000 on audio-visual technology. He also added several guesthouses and enhanced landscaping to include waterfalls, bridges and gardens. The monthly expenses associated with the home were an estimated $72,000, with $18,000 earmarked for utilities.
By 2007, 50 Cent wanted to sell the home for $18.5 million. However, he had no success. By 2018, 50 Cent had dropped the price to $4.995 million. Ultimately, it took him 12 years to sell the estate for $2.9 million — an 84 percent drop from his original asking price and $1.2 million less than his purchase price.
In addition to 50 Cent learning a valuable lesson about homeownership, a bit more good came from the experience. He donated the funds from the sale to his G-Unity Foundation that awards grants to nonprofit organizations improving underserved communities throughout the United States.
A Look At 50 Cent’s Wealth
50 Cent was discovered by fellow rapper Eminem in 2002. After meeting Dr. Dre, he landed a $1 million record deal and released his debut album “Get Rich or Die Tryin.’” The album hit No. 1 on the Billboard charts, and sold an estimated one million copies within four days. His second album, “The Massacre,” sold 1.14 million copies and stayed at No. 1 on the Billboard charts for six weeks. Subsequent albums such as “Curtis” and “Before I Self Destruct” were also successful and, in total, 50 Cent’s studio albums have sold more than 21 million units.
Early in his career, 50 Cent realized the power of entrepreneurship and launched G-Unit Records and G-Unit clothing. In 2012, he established the boxing promotion company The Money Team.
Yet his biggest successes were an investment in Vitaminwater and a production deal with Starz, which has largely contributed to his net worth of $40 million. When the drink’s parent company was purchased by Coca-Cola, 50 Cent saw a return on investment between $100 and $150 million. Through a lucrative deal with Starz, 50 Cent has launched the television series “Power,” which has included several spin-offs.