Rapper 50 Cent says he`s broke after losing lawsuit
He calls himself 50 Cent, but the hip-hop mogul says he may not be worth even that.
The rapper known for the album and movie "Get Rich or Die Tryin`," filed for bankruptcy protection Monday as he faced a hefty payout in a lawsuit related to a sex tape.
In a document filed with a federal bankruptcy court, the rapper whose real name is Curtis James Jackson III listed both his assets and liabilities at between $10 million and $50 million.
The bankruptcy filing, which would protect 50 Cent from paying creditors, came days after a jury ordered him to pay $5 million to a woman who appeared in a sex tape that went online in 2009.
In the video, 50 Cent poses as his alter ego Pimpin` Curly, sporting a wig and speaking in an artificially high voice, as he narrates the Florida woman`s sexual encounter and mocks fellow rapper Rick Ross, who has a child with her.
50 Cent`s lawyers that he was not responsible and that Ross or Ross` associates released the video, in which the woman has sex with another man.
But a New York jury sided with the woman, holding 50 Cent responsible for $5 million for violating her civil rights and inflicting emotional distress.
He filed for bankruptcy just as the court was determining whether he owes further punitive damages. The woman`s lawyer had reportedly asked for total damages of $20 million.
As the sex tape case went forward, 50 Cent in May put into bankruptcy protection a boxing promotion company he owns, SMS Promotions LLC.
The bankruptcy filing said that 50 Cent owed "primarily consumer debts" rather than business-related costs.
Forbes magazine estimated earlier this year that 50 Cent was worth $155 million, having made $100 million in 2007 by selling his stake in energy drink VitaminWater.
The New York-born rapper listed his address as a mansion in Farmington, Connecticut.
According to The Wall Street Journal, the home was once owned by boxer Mike Tyson and has 21 bedrooms and an eight-car garage.