Cryptoinvestor and one-time rapper 50 Cent, famous for his now ironically titled 2003 album “Get Rich or Die Trying” and, more recently for his 2017 bankruptcy, just adding to his financial troubles – and perhaps nicknames – when he took an 84% haircut on a Connecticut mansion he has been trying to unload for nearly 12 years, during a decade long bull market in nearly all asset classes. The massive 52 room mansion of the rapper who will henceforth be known as “16 cents on the dollar” sold for just $2.9 million.
But wait, it gets better.
The rapper, Curtis James Jackson III, originally purchased the property from former boxer Mike Tyson for $4.1 million in 2003, the year that Tyson himself filed for bankruptcy. At the time, the sale set a record for the “most expensive home ever sold” in Farmington, a town about 80 miles north of Greenwich, according to the Wall Street Journal.
When Jackson went to sell the 52 room mansion in 2007, it was listed for $4.99 million. There was also an offer to rent the mansion for $100,000 a month. Listing photos show the mansion’s basketball court with a G-Unit logo at center court and a night club decorated with murals of 50 Cent.
The home also sports game rooms, a recording studio, a home theater, an indoor pool and a conference center. It was costing about $70,000 per month to carry, including mortgage payments and taxes. Jackson managed to hold on to the house despite his filing for bankruptcy several years ago. He also seemed to find the humor in not being able to sell the mansion.
In 2017, after an attempted robbery at the house, he wrote in a now deleted Instagram post:
“What my house got robbed, I thought I sold that MF. LOL.”
Jackson also joked about owning such a large home on the Late Show with Stephen Colbert earlier this year. On the show, he said:
“You know when you look down the hallway in your house and you don’t wanna go down there? Things would break because you didn’t use it. You didn’t turn it on, now the light is flickering.”
The white elephant home became a “sideshow of a sale” after staying on the market so long. One broker described it as “an outlier that has nothing to do with the state of any housing market in Connecticut.”
The median list price per square foot in CT is $173, which would price Jackson’s mansion at around $8.65 million.
If not anything else, Jackson’s inability to sell a mansion during the longest and most “prosperous” bull market in history should give him enough gravitas to make the switch from late night TV appearances to financial news media.
We look forward to him joining rapper Pitbull as a guest on CNBC commenting about his investing strategies for Bitcoin, pot stocks, the Lyft IPO or the real estate market.
via ZeroHedge News https://ift.tt/2UcNMJd Tyler Durden