NEWSFLASH! Rapper 50 Cent says his extravagant lifestyle is all an act… at least that’s what he want’s the court to believe.
Fiddy… born Curtis Jackson III, is ranked as one of hip-hop’s five richest artists by Forbes magazine but he dramatically downplayed his wealth when he testified in bankruptcy court about his finances yesterday (July 22, 2015).
The multiplatinum-selling artist appeared in Manhattan state Supreme Court Tuesday for a proceeding to determine possible additional punitive damages in Lastonia Leviston’s invasion-of-privacy lawsuit.
A jury has already ordered him to pay $5 million in damages in a lawsuit brought by a woman who said he didn’t have her permission when he released a sex tape she made with a boyfriend.
Leviston’s attorney questioned Jackson about his finances and the musician/actor totally denied owning most of his luxury items and claimed under oath that he rents, borrows and leases instead his expensive cars and flashy jewelry.
As you know, Leviston sued the “Get Rich or Die Tryin'” rapper after he posted a 13 minute video online showing a wig-wearing 50 Cent crudely narrating and taunting his rival Rick Ross, who was not in the video but has a daughter with Leviston.
Jackson has said Leviston’s then-boyfriend gave him the 2008 tape and that, while he didn’t actually post it online, the boyfriend said she didn’t mind if he did.
The popular rapper took a moment to apologize to Leviston during court, stating:
“I’m sorry if you feel like I hurt you,” he told Leviston, who was sitting in the gallery.
Days after the jury ordered he pay $5 million, Jackson filed for personal bankruptcy protection in Connecticut.That filing lists his assets and liabilities between $10 million and $50 million. In court yesterday, his lawyer, James Renard, said he was only worth $4.4 million.
Under questioning, Jackson said he has been paid as much as $100,000 for appearing at a nightclub and in the movie “Spy,” that he’s working on right now, however he was less revealing about how much he earned from various partnerships, licensing agreements and business deals with larger corporations such as The Walt Disney Co., Intel and Reebok. And when asked about whether he earned $100 million when vitaminwater was purchased by The Coca-Cola Co. in 2007, 50 stated: “You have to ask my accountant.”
The 40-year-old entrepreneur also said he’d never done anything to deny Forbes’ valuation of his net-worth at $155 million but that doesn’t mean it’s accurate when it comes to his personal finances.