Sunday, May 12, 2019 / by Matt Cronin
Why Fofty Lost More Than $3 Million
People Have Been Talking About 50 Cent’s Big Loss Lately
Fifty Cent just sold his mansion For $3,000,000. How could that be a loss?
Well, 50 bought this house for $4.3 Million in 2007. That’s about 75% of the value lost between sales.
The real estate crash of 2008 had a lot to do with the loss of value but so did the extreme customization.
Fifty spent about $8 Million renovating the home to his liking.
That put his losses into the 9 million dollar mark.
The mansion was originally owned by Mike Tyson, but why was this not a complete loss for 50?
Well, he donated the sale of the home to his G-Unity Foundation. That’s a huge $3 Million tax write off.
The home had over 50,000 square feet, 19 bedrooms and 25 bathrooms.
It stood on a 17 acer lot and was the largest transaction in Farmington, CT history.
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