50 Cent Battles in Bankruptcy Court to Save His Connecticut Mention: Former Home of Iron Mike Tyson is Subject in 50 Cent’s Bankruptcy Filing

50 Cent Battles In Bankruptcy Court To Save His Connecticut MentionIn 2003, 50 Cent purchased his home at 50 Poplar Hill Drive, in Connecticut, for $4.1 million dollars.  The Seller was former boxer Mike Tyson.

The home has 21 bedrooms and 25 bathrooms.  It features a screening room, dance club or disco, casino, an indoor pool, gymnasium, and a basketball court.  The house spans 51,657 square feet.

After purchasing the Poplar Hill property, 50 Cent invested an additional $6-10 million dollars into the property.

According to an October 7, 2015 Article in Realtor.com, the property consumes approximately $67,000 per month to maintain.

According to an Article titled “50 Cent Bankruptcy:  By The Numbers”, in the Wall Street Journal, dated August 4, 2015, the Fair Market Value of Mr. Jackson’s Farmington, Connecticut Mansion is $8.25 million dollars and the property has an “unpaid loan of about $1 million dollars” remaining.

In addition, Mr. Jackson, according to the same Wall Street Journal Article has investment properties in Atlanta and New Jersey, each with Values less than $600,000 and a New Jersey apartment.

Beginning in 2007, 50 Cent has made efforts to sell the Poplar Hill home.  He originally listed the property for sale at $18.5 million dollars, and subsequently reduced the asking price four times, to a listing price of $10 million dollars, by the end of 2010.

Because the home is an Asset and a Liability of Mr. Jackson, the home is necessarily included in his Chapter 11 Bankruptcy.  Mr. Jackson must, as a portion of his Bankruptcy, reveal his intentions regarding the home, along with a description of this Asset, including any furnishings or other property that it contained in the home.

Subsequent chapters in this Series will provide the actual Bankruptcy Court Documents illustrating these holdings, including Mr. Jackson’s intentions regarding this property, and the legal intricacies and strategies, pertaining to the treatment of such property in Bankruptcy Proceedings.

Image credit: Google Earth.