50 Cent’s money woes are well documented ever since he rocked up at the U.S. Bankruptcy Court last January. But it appears the rapper is deeper in the red than previously thought. In March Fif was found to owe $31 million and had even come up with a plan to pay up. The plan is yet to be approved by the bankruptcy judges but it’s just as well as a closer scrutiny of his finances shows that he owes creditors more than $36 million. With a discography that includes some of rap’s highest-selling albums, film appearances, two TV shows and his own vodka brand among other business ventures, you have to wonder how. Well, $5,000 per month on gardening alone sort of explains it.
Also no stranger to financial black holes is Brooklyn rapstress Lil Kim. Her run-ins with the taxman began in 2010 when the IRS slapped her with a tax lien of over $500,000. This was in addition to a $70k tab from her home state for accrued taxes dating back to 2008. Now Kimberley’s $3 million mansion in New Jersey is at risk of going under the hammer. Apparently she hasn’t been keeping up with mortgage payments; indeed she hasn’t remitted the agreed $9,935 for more than 5 years now. She might have to surrender the digs in the affluent Alpine neighborhood if HSBC Bank institute foreclosure proceedings as they’re threatening to. That spot in P. Diddy’s Bad Boy Reunion tour might have come just in time.
Another NYC rapper, Juelz Santana, is presently tasting the pain of foreclosure. Like Kim he has a luxury pad in New Jersey that he has not been making payments on. Juelz paid his last $3,754 installment in November 2013 and when given the chance to plead his case in court, the 34 year-old spurned it.
Is it time someone organized finance management classes for high profile entertainers, especially in the hip hop community? Rappers catching cases over poor financial decisions is starting to sound like an overplayed tune on radio. Just the other day we were talking about Tyga, who has now broken up with the girl he got further into debt to impress. Before him was DMX who kept getting arrested for child support arrears, the same thing Nas was forced to deal with last year, besides his enormous tax debt and the auctioning of his house. Lauryn Hill’s jail stint for non-payment of taxes is still fresh in the minds of many. We could go on, but you get the picture. It is ironic that an industry with some of the world’s wealthiest figures is also home to so many with money problems.
Miami Based, Internationally Known