By Victor Ochieng
The buyer, a nursing home management company, agreed to pay $8 million for the mansion, which was initially posted for sale at an $18.5 million price tag when it hit the market in 2007.
For years, the rapper has tried to sell it to no avail and has been compelled to reduce its price in stages.
The rapper purchased the 21-bedroom mansion in 2003 from former boxing champion Mike Tyson’s wife for $4.1 million. That purchase came at a time he was at his best musically; the year he released hits 21 Questions, P.I.M.P, In Da Club, which were part of his Get Rich or Die Trying album.
A few years following his purchase of the home, he’d invested amounts to the tune of $10 million in the home’s renovation to pimp up the gym, disco room, and racquetball courts.
With the nursing home management company purchasing the home, all these great additions are likely to be done away with as the company intends to transform it into an assisted living home for the elderly.
The 50,000-square-foot home sports 25 bathrooms and ranks among America’s biggest residences. Financing and maintaining the home costs a serious $72,000 a month.
After purchasing the property, the rapper spent $6 million to create an infinity pool, erect a helicopter pad and set up a private cinema.
The musician joins the list of other celebrities such as Tyson who owned the home but found it expensive to finance and maintain.
Although the amount of money received for the property is about half its actual value, the rapper, who doesn’t feel so prosperous now, is at least relieved of having to revisit the issue.
The house was built in 1985 for Benjamin Sisti, the founder of Colonial Realty, at a cost of $2.3 million.
Sisti ended up becoming “bankrupt” in 1990 and investigators later discovered that Colonial Realty was actually a ponzi scheme that saw close to 7,000 investors lose their money.
At some point, Sisti revealed he had less than $15,000 in assets, although it was later discovered he’d distributed his wealth among family members before going public with the “bankruptcy” claim.
From Sisti, the home was bought by People’s Bank for $3.5 million. The second buyer purchased it for $2.7 million before Mike Tyson later bought it for $3.5 million in 1996.
Not long ago, 50 Cent filed for Chapter 11, and it appears the sale just came at the right time.