*More money, more problems… Or in the case of Curtis ’50 Cent’ Jackson, no money = more problems.
theJasmineBRAND.com exclusively reports that 50 Cent has filed new financial docs in his bankruptcy which reveal that he owes a total of $832K in child support to his baby mama, model Daphne Joy, for the next 16 years for their 2-year-old son, Sire Jackson.
Before filing for bankruptcy, Curtis was hit with a court order to pay $5 million to Lastonia Leviston, Rick Ross’ baby mamma, who accused 50 of leaking a sex tape she made with an ex boyfriend. 50 was accused of releasing the tape to embarrass his nemesis Ross, who fathered one of her children.
Leviston’s lawyers believed 50 Cent’s bankruptcy was simply a diversion to avoid paying Leviston, so they took him back to court, but on the stand, Curtis confessed that his wealth was all smoke and mirrors. According to Business Insider, 50 led the public to believe he was a baller. Jackson said he did this because the whole music industry is about faking it until you become bigger than life.
When questioned on the stand about his lavish jewelry collection, 50 claims he could barely fill a jewelry drawer. He said that he only actually owns “two or three chains” valued at “$30,000, $40,000” each. He confessed that he made it appear that he had more by having the chains transformed by a jeweler.
“What I do is take the jewelry back to the jeweler and they redo the jewelry with the same gold from the last thing,” 50 revealed. “During album cycles I change, so you’ll see a whole lot of stuff. But I take it back and have them change it into new stuff.”
Earlier this year, 50 Cent lost another legal battle with his ex-business partners over a failed headphone deal and was slapped with a $17 million dollar judgement in that case. The total amount of liabilities Jackson lists for his top 20 creditors equals $28,478,920, theJasmineBRAND reports.
On August 3rd, Curtis filed new docs detailing his dire financial status. Child support to Daphne Joy (real name Daphne Narvaez) for their son is one of the biggest debts listed, which 50 will payout over the next 16 years.
Jackson lists his child support obligations as $832,600 (or $4,330 per month), the total amount owed until Sire reaches 18-years-old. The rapper also said that his monthly income is $183K but after expenses he claims to only have $76K left.
Earlier this year, 50 told Power 105.1’s Angie Martinez that Sire landed a $700,000 modeling contract. “He’s got a [modeling] deal now with Kidz Safe,” Jackson told E! News. “It’s an audio company. He’s super cute, you gotta pay for it,” he joked.
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