: MediaTakeOut.com is hearing some VERY serious rumblings that rapper 50 Cent is under some financial strain over his Connecticut mansion.
You see, 50 bought the 50,000 square foot mansion from Mike Tyson in 2003 for $4 million. He then put in a reported $10 million in renovations. And then two years ago he put it on the market for $14 million.
It now seems like 50 made a VERY BAD decision pricing it the way it did. Because after it being on the market for nearly two years, Fif was forced to take it off. Why – you ask? Because nobody wanted it for that price.
Here’s how one local real estate broker put it:
"The house is not worth $1 over $5 million," said Prudential Premier Homes agent Rob Giuffria. "Celebrities often overvalue a house, so they keep dropping in price. That home in that location is not worth anywhere near $14 million, and it will never sell for that, no matter how long you leave it on the market."And now it looks like 50’s trying to get money from anywhere he can. According to legal documents, 50 Cent says he hired a firm to inspect Mike’s old mansion in 2003. He says he assumed the company's estimate of $500,000 in repairs was "a legitimate assessment" of what the repairs would cost. But Fif ended up spending about $6 million with this developer in repairs.
In response, MediaTakeOut.com learned that the firm is claiming that 50 Cent wanted "extravagant and costly upgrades." Some of the upgrades included an on-site stripper club, and a state of the art gun range.
Now we ain’t saying that Fif is going broke … but … could this have anything to do with Ciara Lambo allegedly getting repo’d. We’re just saying…
THAT WAS DUMB TO BUY THAT BIG AZZ MANSION IN THE FIRST PLACE...PLUS THE MARKET AINT HOT NO MORE. HE JUST GOING TO HAVE TO SWALLOW THAT LOST AND CHARGE IT TO THE GAME. THEN AGAIN HE COULD GET UP FROM UNDER IT AND SET THAT MOFO ON FIRE LIKE HE DID BABY MOMMA HOUSE AND GET THE INSURANCE MONEY....IM JUST SAYING.
HE SHOULD NEVER GOT THAT BIG ASS HOUSE NOW HE GOT TO DEAL WITH IT,AND I DONT SEE NOBODY BUYING THAT HOUSE NO TIME SOON SO U JUST GOT HANG ON TO IT A LIL LONGER FIF LOL,AS FOR THT LAMBO SHYT THAT HAS NOTHIN TO DO WITH HIM SOMEBODY BILL,LEASING HAS NOTHIN TO DO WITH HIM HE HAS HIS OWN CHROME LAMBO IN HARLEM AND THATS THE ONLY 1 HE GOT SO MTO FIND SOME OTHER CONCLUSION...
COME ON MTO...........THOUSAND OF PERSONS FIND THEMSELVES IN THIS POSITION. YA'LL HEARD ABOUT THE RECESSION HAVEN'T YOU? WHEN HE DID IT THE MARKET PROBABLY WAS THERE BUT WITH HOUSING PRICES DROPPING OF COURSE IT WON'T BE WORTH THE SAME AMOUNT AS IT WAS 5-6 YEARS AGO.
READ A PAPER OR WATCH THE NEWS, REAL NEWS CHANNELS ARE CALLING IT A 'HOUSING CRISIS'.
dang...what kinda biz-man is he asking for that kinda money...them white ppl prolly looking at him like nooka plz betta go saddown...then it's personalized like a motha so unless they want EXACTLY like that their gonna have to put money into it...Mike basically got him & the "company" who inspected the house got him...how the hell 500k turn into 6 mil nooka plz u's a dummy...
name me 1 house in the country that is gonna sell for what it was bought for...dont worry i'll wait...the only diff is dis man got the money for plenty mo house while us regular folks gotta take the cut in profit and pray to god we can find sumwhere else to go...not newsworthy, I swear im fixing to write MTO off as not interesting nomore!!
Trust me 50 cent is not broke. just cuz yall dont see him out publically dont mean he broke he got his name on other things like vitamin water and a lot more sh!t he is actually quite smart cuz he is one of the very few rappers that actually invested his money 50 is a business man he just made a mistake but im sure it didnt hurt his pockets all that much
In response, MediaTakeOut.com learned that the firm is claiming that 50 Cent wanted "extravagant and costly upgrades." Some of the upgrades included an on-site stripper club, and a state of the art gun range. *** A fool is born every day and easily parts with his money. I don't even feel sorry for him.
Yeah people think it is sooo fabulous to be rich. NOT That is the home he bought off of Mike Tyson, and repairs for a home like that alone can cost a lot of money. Not to mention the yearly taxes can you run you thousands of dollars. Electricity, water...and so on. People don't live smart, they often live stupid and blind, until a disaster like the housing market crash happen. Gas is on the rise again-for absolutely no reason-JUST BECAUSE. What will you do when gas becomes 4 dollars a gallon again.
MTO THAT'S A LIE DAMN YOU GUYS REALLY FEED INTO MTO ENERGY MIKE TYSON EVEN ADMITTED THAT 50 BROUGHT THAT HOUSE FROM HIM FOR 19 MILLION NOT 4 MILLION MTO JUST WANT TO BUY A HOUSE FROM SOMEONE FOR 19 MILLION. MTO WILL FIND ANYTHING TO LIE ABOUT AND THEN ON TOP OF THAT HIS HOUSE IN BEVERLY HILLS WAS 10 MILLION BUT THE HOUSE HE BROUGHT FROM MIKE WAS 19 MILLION SO WHICH HOUSE IS MTO TALKING ABOUT HE GOT TWO, MTO WILL FIND ANYTING TO POST ABOUT BEING NOISY IN PEOPLE BUSINESS NEXT!!!!!!!!
Who writes this news...LOL! 50 cent is FAR from broke, he has been trying to sale that house for almost 2 years. The state of CT has a weird law that if you conduct business in New York, you will have to pay taxes in both states. If he performs, record music or anything in regards of the music business he will owe taxes for both states. This is the reason ANY person would move! Property value is on the decline for everyone. It doesn't matter if you are rich or not. If there are foreclosures in your area, this affects the value of your home or investment property. MTO stop with the false news
WELL BACK IN 2003 THE MARKET WAS EXCELLANT..i brought my home the same year and by 2005 it was worth double..unfortuately but 07 the market started scaling down and now 08/09 EVERYONE that refi'd, took out equity, upgraded and put money into their homes are suffering. The market is starting to look up alittle so if 50 can hold on to his property for a minute he can recover a little more than 5 mill..50 is not the only one that made this mistake and most did not see the house market crash coming..I know I didn't and I live in Vegas where it grows here daily!
i been to this mansion quite a few times and I must say...the upkeeping inside was wonderful but the outkeep..well lets just say if u like swimming with algae and moss u would have a wonderful time...he was just in court for this yesterday (Hartford Courant...CT stand up) Fred I have to show u the pics...u will die laughing!! 50...love u my friend but you need to go back to ya roots..u know..."Thicka Than Water..Outt Trizzy Wizzy Waterrrrrr"
