By Kacie Whaley
A judge in Connecticut gave a stamp of approval on 50 Cent’s payment plans that will settle his bankruptcy issues. The “Power” executive producer has agreed to pay $6 million toward the s*x tape lawsuit he lost and $17.5 million to investors of Sleek Audio, a headphones venture that fell flat.
According to Daily Mail, he vowed to pay $7.4 million to his creditors in cash. He said he will sell his Connecticut mansion that was once owned by Mike Tyson to help him pay back the remainder of his debt.
On 50’s 41st birthday Wednesday, he celebrated his small financial victory by posting a picture to Instagram looking dapper in a suit and standing in front of a helicopter. He captioned the picture, “Oh now I remember where I put that money.”
His money troubles became very public last year when Lavonia Leviston, rapper Rick Ross’ ex-girlfriend, won a lawsuit against 50 Cent that she filed after he released a video online in which she was engaging in s*xual acts. Soon afterward, he filed for bankruptcy, which confused many people who are familiar with the rapper, especially since he is well-known for bragging about his riches. But as 50’s lawyer told Business Insider last year, he only filed as a means to get his finances in order.
“A filing for personal bankruptcy protection is a complex and often time-consuming process,” said William A. Brewer III, a partner at Brewer, Attorneys & Counselors. “Lost in the reporting about Mr. Jackson’s assets, liabilities and individual expenses is the reason for the filing — to pursue an orderly reorganization of his financial affairs.” He added, “It is important to remember the filing for protection permits Mr. Jackson to continue his active involvement in numerous business, entertainment and philanthropic interests.”
When 50 was in court, he testified that his luxurious lifestyle was all an act. He said his jewelry is sometimes rented and that the cash that he poses with in pictures is fake.