50 was bankrupt before the vitamin water deal?

[GangstaBoogy]

I don't believe it, but this is pretty interesting...



August 07, 2007.   Curtis "50 Cent" Jackson's hit song I Get Money is one of the hottest songs out now. In it, the platinum selling rapper brags about all his riches. But according to a person familiar with 50 Cent's finances, a few months ago he was singing a different tune.

The insider told MediaTakeOut.com that earlier this year, 50 Cent was facing a serious cash crunch. Our source explains, "[50 Cent] was bleeding cash. Between the [50,000 square foot] Connecticut mansion and him financing the lifestyles of the dozen or so members of his entourage - he was spending millions."

And touring, the leading source of income for the platinum selling artist, wasn't bringing in what it should have. The insider tells, "Because of the size of [50 Cent's] entourage and the amount paid out for security - he wasn't making the money that he expected."

As the expenses started to add up, 50 Cent was on the verge of a crisis. The insider explained to MediaTakeOut.com, "It wasn't that [50 Cent] was broke. He had plenty of assets - just not a lot of cash ... Eventually his accountants advised him to start selling [some of] them off."

And sell is exactly what 50 Cent tried to do. Despite the difficult real estate market, he put up his Connecticut mansion for sale. He also sold a number of his luxury cars. And according to the source, he was exploring the idea of selling his interest in G-Unit records
.

But before the platinum selling artist had to sell even one item, he was bailed out. Earlier this year Coca Cola announced a $4.1B cash offer for Vitamin Water - an "enhanced water" company which 50 Cent owned a minority stake. The deal, which closed in June, netted the rapper millions in cash.

50 Cent made a fortune in the deal. Our source told MediaTakeOut.com, "I've seen estimates that 50 Cent's take in the Vitamin Water deal was somewhere between $100M and $400M. I can tell you from first hand information that he made in the neighborhood of $40M." And the insider adds, "The $40 million in cash was more than enough to get him out of his predicament. Hopefully he'll manage things more wisely in the future."

Since the deal closed, 50 Cent has taken his Connecticut mansion off the market. He's also taken all but one of his luxury cars off the market. The rapper's silver Lamborghini is still up for sale here.

Developing...


http://www.mediatakeout.com/9635/insider_50_cent_was_bankrupt_before_the_vitamin_water_deal.html

[7even]

well I never understood what he is thinking spoiling all those unsuccessful rappers

[TRG]

his lambo is on ebay..

well I never understood what he is thinking spoiling all those unsuccessful rappers

me either

[wcsoldier]

He sure has spend lot of money and lost some but I would like to be broke like him  ... these G Unit rappers should make their own dough , outside Mayo who is a 50 longtime friend, I wouldn't finance the other ones .. it's not like these are beautiful bitches

[Lunatic]

interesting...

[KURUPTION-81]

im sure it aint as bad as they were making out but 50 did say he was spending vast amounts on his artists and the entourages.

[NiCc_FrUm_ThA_nO]

I don't believe it, but this is pretty interesting...



August 07, 2007.   Curtis "50 Cent" Jackson's hit song I Get Money is one of the hottest songs out now. In it, the platinum selling rapper brags about all his riches. But according to a person familiar with 50 Cent's finances, a few months ago he was singing a different tune.

The insider told MediaTakeOut.com

I dont believe anything MediaTakeOut puts on their website

[CaliKorleone]

Same shit happened to MC Hammer.

[GATMAN]

Alot of these rappers be frontin like they got DOE.  WOW