Rapper 50 Cent Files For Bankruptcy Protection

Curtis Jackson

Rapper and actor 50 Cent, who owns a Farmington, CT mansion he tried to sell for years, has filed for bankruptcy in Connecticut.

The Hartford Courant reports Curtis Jackson III, his real name said that he owes more than $10 million to creditors. He also said his assets were more than $10 million but the filing did not include a breakdown of either category.

On Friday, 50 Cent was ordered to pay $5 million after he lost a lawsuit brought when he posted a sex tape in 2009 that was given to him by a man in the tape, the Associated Press reported. The entertainer appeared before the video under the character name "Pimpin' Curly," making crude remarks and taunting a rap rival who had had a child with the woman in the tape.

The news of the bankruptcy filing was talked about on Twitter all day, with many, many jokes. One, from actor Albert Brooks: "50 Cent declares bankruptcy. Will officially change his name to 25 Cent."

50 Cent Crib in Farmington CT

An attorney for 50 Cent put out a statement that said, "The filing allows Mr. Jackson to reorganize his financial affairs, as he addresses various professional liabilities and takes steps to position the future of his various business interests."

The filing was made as a petition for reorganization under Chapter 11 of the bankruptcy code, which is typically used by businesses.

Forbes estimated last year that 50 Cent's net worth was roughly $140 million, largely because of the profit he made when Vitaminwater was sold to Coca-Cola in 2007. Fifty Cent was an investor in that company. But in the filing, his attorney checked a box that said his client's assets were less than $50 million.