'Walt Disney and Donald Trump filed for bankruptcy - it means you're reorganizing your finances': 50 Cent is defiant after declaring bankruptcy following loss of $5M sex tape case
- Curtis '50 Cent' Jackson filed for chapter 11 bankruptcy protection on Monday
- The rapper-actor was ordered to pay $5M to Lastonia Leviston, who has a child with Jackson's rap rival Rick Ross
- He could be hit with a bigger bill after jury deliberate on punitive damages
- The rapper posted a 13-minute video of Leviston with ex Maurice Murray
- He superimposed his 'Pimpin' Curly' character in the doctored footage
- He included crude commentary aimed at taunting Ross during a dispute
- Leviston was left humiliated and horrified after the video went viral in 2009
Rapper 50 Cent may no longer have two quarters to rub together, but he remains defiant.
Curtis '50 Cent' Jackson filed for chapter 11 bankruptcy protection on Monday, the Wall Street Journal reports.
Jackson reported assets and debts each ranging from $10 million to $50 million.
But he does not seem too troubled by his financial predicament.
'Walt Disney has filed bankruptcy. Donald Trump has filed bankruptcy,' the hip-hop star told E! News.
Bankruptcy: Curtis '50 Cent' Jackson filed for chapter 11 bankruptcy protection on Monday just days after he was ordered to pay $5 million to the mother of Rick Ross's child
'It means you're reorganizing your finances, but it does stop things from moving forward that you don't want moving forward.'
'I gotta decent legal team,' he added. 'You don't have to worry.'
He added, 'You know when you're successful and stuff, you become a target. I don't wanna be a bulls eye.'
The filing comes just three days after a jury ordered the rapper-actor to pay $5 million to Lastonia Leviston in an invasion-of-privacy lawsuit after she claimed he acquired and intentionally leakedsex tape in which she was featured.
Leviston has a daughter with Rick Ross, who is Jackson's rap rival. Jackson reportedly released the sex tape in 2009 to embarrass Ross.
Order: Jackson was ordered to pay $5 million to Lastonia Leviston (right) in a lawsuit after she claimed he acquired and intentionally leaked a sex tape in which she was featured
Jackson added himself to the video as a crude commentator and posted the humiliating end result online without her permission.
The Manhattan jurors are deliberating on possible further punitive damages in the lawsuit against the multi-platinum-selling artist.
Rivalry: The rapper has a long-standing rivalry with fellow rapper Rick Ross (pictured), who has a child with the plaintiff, Leviston
Attorney William A. Brewer III says Jackson and his legal team are 'disappointed in the verdict but very appreciative of the service of the jury and the court.'
Leviston's lawyer, Philip Freidin, declined to comment on the award, first reported by the New York Daily News.
The lawsuit stems from a 13-minute video that appeared online in 2009 featuring a wig-wearing Jackson as a narrator dubbed 'Pimpin' Curly.'
The character made explicit remarks about Leviston and taunted Ross, who wasn't in the video but has a daughter with Leviston.
At the time the video surfaced, Ross and Jackson were trading barbs via video, lyrics, and interviews.
Jackson got the 2008 tape from the man in it -- Leviston's boyfriend at the time. The rapper and his lawyers said that Jackson didn't actually post the video but that Leviston's then-boyfriend said she wouldn't mind if he did, and he thought that would suffice.
The 'Pimpin' Curly' character was just 'joking' by referring to Leviston as a 'porn star,' Jackson said during sworn pre-trial questioning that was played for the jury, according to news reports.
He didn't testify at the trial. But Leviston, of Pembroke Pines, Florida, said she was horrified and humiliated when the video appeared online.
'This was something done to me. I didn't have a choice. I would never, ever do this to myself,' she testified, according to news reports.
Jackson burst to the fore of gangsta rap with 2003's 'Get Rich or Die Tryin', its lead single, 'In Da Club,' and a tough life story that included being shot nine times.
Mansion: Jackson owns a Farmington, Connecticut mansion that boasts 23 bedrooms, 35 bathrooms, and sits on 17.5 acres of land
Hustling: Jackson uploaded a photo of his Connecticut mansion to Instagram with the caption 'I haven't been home in months. I been out here hustling'
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Home: The 54,000 square foot home features a full basketball court, a casino room, a billiard room, a night club (pictured), and more
Now 40, he's also a businessman — his interests have ranged from mining to water drinks — and an actor whose credits include the Starz network action series 'Power' and the upcoming boxing movie 'Southpaw.'
In May, Forbes listed Jackson's net worth at $155 million, ranking the 40-year-old No. 4 on the list of the wealthiest hip-hop artists, according to Business Insider.
The impressive ranking came despite the 'Get Rich or Die Tryin' actor being ordered to pay more than $17.2 million in 2014 to Sleek Audio who claimed the rapper stole its design for headphones and tried to market it on his own, TMZ reports.
The rapper-turned-business-man was previously one of the world's wealthiest rappers after his minority stake in Vitamin Water landed him between $60 and $100 million in 2007 when the Coca Cola Company acquired the brand from Glaceau for $4.1 billion, according to the Washington Post.
Bling: Jackson lives lavishly, donning expensive watches (left), chains (right), rings (left), and more
Lifestyle: Jackson lived lavishly thanks to the deal, his studio albums selling more than 21 million units, clothing interests, and starring roles in multiple film and television projects
Collection: Forbes featured the man's car collection which included two Chevrolet Suburbans, Lamborghini Murcielago, a Ferrari convertible, a Bentley Mulsanne, and a Yamaha YZF-R1 motorcycle and more
Jackson lived lavishly thanks to the deal, his studio albums selling more than 21 million units, clothing interests, and starring roles in multiple film and television projects.
He recently became a brand ambassador for Effen Vodka.
Keeping up with the joneses, -- or in Jackson's case, Sean 'P.Diddy' Combs, Shawn 'Jay-Z' Carter, and other big names in hip-hop -- the rapper lived a lavish lifestyle.
Jackson owns a Farmington, Connecticut mansion that boasts 23 bedrooms, 35 bathrooms, and sits on 17.5 acres of land.
The 54,000 square foot home features a full basketball court, a casino room, a billiard room, a night club, and more.
The property also features a 12-car garage.
Brand Ambassador: He recently became a brand ambassador for Effen Vodka making appearances to promote the brand
Pilot Life: Here, Jackson is seen in an Instagram photo flying a drone with the caption 'New Drone. I'm so fly right now Pilot Life.'
Shell Out More: Jackson (right) could have to shell out more after the jury deliberates punitive damages
Fittingly, in 2013, Forbes featured the man's car collection which included two bulletproof Chevrolet Suburbans with bombproof undercarriages -- the $200,000 vehicles were built for the Iraq War.
He bought a Lamborghini Murcielago to celebrate his second album 'The Massacre' and soon added a Ferrari convertible, a Bentley Mulsanne, and a Yamaha YZF-R1 motorcycle.
Despite the lavish lifestyle, the verdict in favor of Leviston seems to have dealt the father-of-two a crucial blow.
Read more:
- www.nydailynews....
- Rapper 50 Cent Files for Bankruptcy - Bankruptcy Beat - WSJ
- 50 Cent's Net Worth In 2015: $155 Million
- 50 Cent files for bankruptcy - Business Insider
- How 50 Cent scored a half-billion
- Rapper's Delight: Inside 50 Cent's Car Collection
- 50 Cent -- Bank Account FROZEN | TMZ.com
- Tour the Home of 50 Cent: a Connecticut Mansion | Video | HGTV
- 50 Cent Breaks Silence on Filing for Bankruptcy: ''When You're Successful, You Become a Target'' | E! Online UK
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