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50 Cent Declares Bankruptcy

HARTFORD, CT (CelebrityAccess) — Curtis James Jackson III, the rapper better known as 50 Cent, filed for chapter 11 bankruptcy protection on Monday, just days after losing a multi-million dollar lawsuit over a sex tape.

In court papers filed in the U.S. Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 million to $50 million. His net worth had been estimated in May by Forbes to be approximately $155 million

Jackson found his first success as a musical artist, but also made a reported $100 million as an investor in the beverage maker Glacéau, which was sold to Coke for more than $4bn. However, other of Jackson's ventures, including a recently shuttered clothing line and a vodka partnership have been less successful. As well, Jackson's licensed boxing promotion company SMS Boxing, also filed for chapter 11 bankruptcy last month, according to Billboard.

Jackson's bankruptcy filing comes just days after a court levied a $5 million judgement against him in a invasion of privacy lawsuit brought against him by Lastonia Leviston. According to Billboard, stems from a 13-minute video that appeared online in 2009 featuring a wig-wearing 50 Cent added as a narrator dubbed Pimpin' Curly who provided crude commentary to a sex tape made by Leviston and her boyfriend. – Staff Writers