Rapper 50 Cent Lost $50 Million Dollars On G-Unit

50 Cent

The federal court bankruptcy case of rapper 50 Cent, real name Curtis Jackson, continues to expose the fact the star is not a good businessman. Court papers reveal 50 Cent lost $50,000,000 on rap label and merchandising line G-Unit over the past three years. An astute businessman would have disbanded the label and line after the first year of massive losses. However, 50 Cent kept the company open and continued lavish spending and other risky choices in his life that blew his fortune.

Social networking making jokes about 50 Cent's bankruptcy

Though 50 Cent is hiding money, he did spend significant portions of his fortune on lavish living. The purchase of Mike Tyson's former mansion in Farmington, Connecticut is costing the rapper $18,000 per month in mortgage payments and $20,000 in upkeep. 50 Cent's gardening bill is $5,000 per month. For that price, I'd just buy a sheep and tell the little fella, "Look, a buffet just for you" and let him be the lawnmower.

50 Cent's mansion in Connecticut

50 Cent certainly is not broke, as his mansion is worth millions and almost paid for and he has $2,700,000 in the bank. However, he was sued and lost two big lawsuits. 50 Cent now owes $22,700,000 in  court judgments, which threatens to wipe out much of his assets. As a result, the Judiciary Report has been informed 50 Cent has become suicidal at the thought of having to pay those court judgments. This is ironic as he made Lastonia Leviston suicidal in leaking a sex tape she made with her boyfriend, which led a jury to slap 50 Cent with a $5,000,000 judgment.

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The IRS Is Reading Pop Culture Websites And Watching Celebrity Interviews For Leads

Suge Knight

The IRS has been clamping down on celebrities who have not been paying their taxes. The IRS reads blogs and websites like TMZ, which often feature items bragging about expensive items celebrities purchased and how it's chump change for them. The IRS is reading said sites looking for items to move on and have successfully done so.

Suge Knight lost his mansion

When the IRS sees you posing online with your Rolex "Oyster Perpetual" watch, they run a check and see you haven't paid your taxes, they will start to "perpetually" put their foot in your butt to get their cash. Yes, the IRS is gangster like that (LOL).

Young Buck

Ironically, music industry figure, Suge Knight, publicly bragged about illegally commandeering Death Row Records' assets he stated (at the time) is worth $1 billion dollars. The interview caught the attention of the U.S. government, IRS included and they came after Knight, in a series of maneuvers that left him bankrupt.

Young Buck posing with cash in the music video "Stunt 101." The IRS was like we want our cut!

G-Unit rapper Young Buck displayed his wealth in the music video "Stunt 101"among other outlets and the IRS went oh really negro. They went after Young Buck, took his house and everything in it (reportedly down to his kid's Nintendo) over a $300,000 tax bill.

Young Buck counting cash in "Stunt 101" vid. The IRS taught him how to "stunt" alright

During the IRS raid on Young Buck's home, they discovered an illegal weapon. As a felon, Young Buck had been barred from owning a weapon. The gun found during the raid cost him 18-months in prison. He has since filed bankruptcy to wipe out debts, such as a loan from fellow G-Unit rapper 50 Cent.

Richard Hatch from "Survivor" posing with check

Going on high profile shows such as "Survivor" winning $1,000,000 then not paying your taxes, will catch the IRS' eye. That was the case with Richard from "Survivor" and they put him in prison. I'm surprised he didn't think the IRS saw the show. It was on national TV for goodness sake.

Draya Michelle, stripper turned reality star, didn't always report her full income (those dollar bills add up as the year moves along)

Then there's Wesley Snipes. The king tax dodger. The tax dodger to end all tax dodgers. Snipes didn't pay the IRS the $15,000,000 he owed them over the course of several tax years and thought they wouldn't notice. He invoked some sovereign law nobody knew about and twisted existing statues to make his case... and the IRS won. He was sentenced to 5-years in prison and served three.

If the government asks how much money you have this should be your reaction:

Just kidding. Don't lie to the government.

Rappers and R&B stars partial to posing with huge stacks of cash and posting the photos online, yea, the IRS is watching you too. Bragging to the public can be quite costly, with a media savvy government watching and waiting for their cut.