Posted by News Express | 14 July 2015 | 3,988 times
Rap superstar 50 Cent is down for the count after losing a multi-million dollar lawsuit . . . he’s just declared bankruptcy.
TMZ has confirmed that 50 Cent filed for bankruptcy on Monday, three days after Rick Ross’ baby mama won a $5 million jury verdict against him.
50 Cent is in a world of financial hurt after a jury awarded Lavonia Leviston the $5 million after determining that the rapper intentionally leaked a sex tape in which she was featured, in order to embarrass Ross.
50 Cent has been ordered to produce proof of income and worth so the jury can determine punitive damages.
According to the bankruptcy filing – a story first reported by Page 6 – 50 says his assets are valued between $10 and $50 million but his liabilities are also between the same range.
On top of that, 50 Cent lost a court case in which a jury socked him with a $17.2 million judgment over ripping off a headphones design.
It’s a breathtaking fall . . . in May, FORBES estimated 50 Cent’s net worth at $155 million.
•Photo shows 50 Cent.
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