Hip-hop mogul 50 Cent may look like he’s living the charmed life, but according to the rapper himself, those charms are akin to cheap costume jewelry.
The “Get Rich or Die Tryin'” star, who filed for bankruptcy last week after he was hit with a $5 million verdict for publishing a sex tape featuring Lastonia Leviston, appeared in court on Tuesday to testify that he’s really not as wealthy as his public image would suggest.
The rapper — real name Curtis Jackson — testified in Manhattan Supreme Court that, after posing for pictures with flashy vehicles and accessories, “I take the jewelry and the cars back to the stores,” the New York Daily News reports.
Jackson also downplayed his income from record sales, claiming, “I make 10 cents a record,” and said that he’s only made in the area of $150,000 from each of the first two seasons of the Starz drama “Power,” which he executive produces.
Jackson’s lawyer, meanwhile, put his client’s worth at $4.4 million, prior to the $5 million award levied against him, while Leviston’s lawyer contended that the rapper is worth much more than that.
Last week, Leviston was granted a motion for relief from the automatic stay that the case would have been placed under as part of the Bankruptcy Code. A jury can now go forward to determine whether punitive damages can be assessed against the hip-hop mogul.
During his testimony, Jackson also expressed concern that his Chapter 11 bankruptcy could negatively affect his brand, claiming, “Now that I filed for bankruptcy, I’m not as cool as I was last week,” he said.
According to a story published by Forbes in May, 50 Cent’s estimated net worth was $155 million.