50 Cent testifies that his flashy lifestyle is an illusion.
“I take the jewelry and the cars back to the stores,” rapper says in court about expensive items he’s known for flaunting.
Hip-hop entrepreneur 50 Cent may look like he is spending millions of dollars, but according to the rapper himself, everything you see is all a lie.
The “Get Rich or Die Trying” rapper, who filed for bankruptcy last week after getting sued for $5 million dollars for publishing a sex tape, appeared in court on Tuesday to testify that he’s actually not as wealthy as his public image would suggest.
Curtis “50 Cent” Jackson testified in Manhattan Supreme Court that, after posing for pictures with flashy cars and jewelry that he takes he takes the cars and jewelry back to the stores, according to the New York Daily News.
In addition, 50 Cent downplayed how much money he actually made from the music industry, claiming “I make 10 cents a record,” and said that he’s only made in the area of $150,000 from each of the first two seasons of the Starz drama “Power,” which he executive produces.
Curtis Jackson’s lawyer, argued that his client is worth $4.4 million, prior to the $5 million award against him, while Leviston’s lawyer argues that the rapper is worth much more than that.
Last week, Leviston was granted a motion for relief from the automatic stay that the case would have been placed under as part of the Bankruptcy Code. A jury can now go forward to determine whether punitive damages can be assessed against the hip-hop mogul.
During his testimony, Jackson also exprssed concern that his Chapter 11 bankruptcy could negatively affect his brand, arguing, “Now that I filed for bankruptcy, I’m not as cool as I was last week,” he said.
According to a story published by Forbes in May, 50 Cent’s estimated net worth was $155 million.
