50 CENT Says He Lost MILLIONS Buying Mike Tyson’s Old House
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- Опубликовано: 20 авг 2024
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#50CENT
He didn't lose he gained a lesson and he gave the money to his charity that helped many people..I would say he won and he's winning more from what he called A lose.....give back is a blessing
“If you don’t spend it, the IRS is going to take it.”
That’s messed up.
IRS makes you a humanitarian. Spend on yourself, give back to your fellow man, or we take it and do what we what.
That’s a fact
It might be that you are not an american or just a kid. It is a known fact the more you hoard money the more IRS is going to have a share of that cake.
Living in CT, we went to a party there years ago when thing were popping. Absolutely beautiful home!! I told my girls everyone sticks together so no one gets lost, the place was ginormous! The party was awesome!💯
50 cent turning the sale of the mansion into a tax right off was pretty smart
He bought it so he wouldn't have to pay so much in taxes that year. I remember him saying it in an interview back in the day.
Same reason he "donated" the money through his own charity, skip out on taxes and still get the money. He definitely has a good financial advisor.
@@user-nt3sj5tv3o facts 💯🤘👍
Donated the sale money to charity. Fif is a legend!
@Aroldis Xanman which gave grants to non-profits. do your homework before you comment
@@Trav81888 it's still a scam to donate money to your own charity. There needs to be a law against it.
@@small3687 it’s still legal and did allow for charity works, 50 just used what politicians made policy, write to your elected rep to change it, good luck on that though, they’re all in on that one loophole
@Aroldis Xanman Rather it go people who need it rather than the government who do nothing but waste money
@@jasonwright9076 exactly
That house sold for 2.9 million? My next door neighbor in Toronto sold for 2 million and its just a regular house!!! Crazy
Dang all that for 2.9 million!
Location Location LOCATION
@@HippyHouse yeah you right
😂😂😂😂. That’s why I had to move to the affordable French Riviera in a beautiful waterfront apartment for the same price as a soiled mattress inside an Etobicoke crackhouse…
Time's change my boy 😂
I remember when he bought that house. I had no idea he was buying it to live in. I thought he was buying it to lease out to big wigs, other rappers, and super wealthy celebs for huge parties, honeymoons, and other ventures. I thought maybe it would turn out to be a cash cow. I never thought he would live in it. Maybe he would have been better of leasing off a part of it or at least the grounds. Too much property for a single man.
He spent 15 mill in 14 years owning that place. Madness
Yup, that was not a wise investment for him or Mike… but when you come from poverty and barely 20 y.o. it’s damn near impossible to see clearly through all that with a bunch of legal, real estate advisors swarming around for their cut…
The upkeep is really why it was a bad investment. 3 mill for that isn't too much. But 700k in over 14 years add up real fast.
Yep
I would of turned it into a hotel 🏨🏨🏨 and made money on the property just filled it with Tyson's memorabilia and 50 cents
He never in Connecticut that's why
Damn you gotta spend your money or else the IRS will take it. Because no one owns their money, you're only allowed to keep it for a while, and then circulate it to someone else, and the cycle continues. That's why destroying money is illegal.
Could have brought an entire apartment complex, hotels, another house and rented them out. Or been smart bought land an invested in a company to build houses on the land and sold them with the type of money 50 cent has/spent on Tyson’s cribs.
You know his rich lol
He was about 25 when he got that house
You live and you learn. I've learned a crap ton about how to think about money and finances from 50's books and Jay-Z's music.
He used to throw big parties there I know a few people who went to them his old house is in CT not too far from where I live now
Bristol. Stand UP!
@@qp4367 ayeeee 🙌🏾🙌🏾🙌🏾🙌🏾🙌🏾
@@RealAdrianReactions 💯
Hartford here
Wonder what it cost Mike to build ? 50 should've bought 2x $2mil properties, lived in 1 and rented the other out to cover any interest / monthly home maint for both properties (ideally).
Exactly, but few of us know or have the wisdom to make those investments in our early 20s, hopefully the new gen learns from this, although judging by what we see, not sure they do
@@blayzej I think it's the school systems fault. They'll teach you how to have sex, but not how to build a solid foundation (finally etc) before you have a child... With the $ 50c had, I'm sure he couldn't bought such advice :)
@@zadekeys2194 Good point, school will teach you all types of stuff children don't need to know but next to nothing about personal finances
Original owner was Ben Sisti. , owner of Colonial Realtor. Convicted of fraud , bilked millions from investors.
Dude he is not going to rent out property as a celebrity that’s huge liability cuz they can sure your ass for bullshit…. You need to learn if your rapper you can’t be doing investments like that not everything is perfection etc
50 CENT did a few of his music videos at the house, and Mike Tyson did an interview there with ABC when he lived there. I'm wondering how you manage not to get lost in a house that big? It's crazy waking up and not knowing somebody is still there. I'm surprised 50 never accidentally shot one of his friends in that house. Rick Ross probably has the same problem now since he bought Evander Holyfield's old house, which is much much bigger with 109 rooms.
He has security it’s crazy security motion sensors all that ppl have tried to kill 50 so he got A1 security
Tony yayo said that 😂😂
Nobody needs 21 bedrooms
$4.1m isn't that bad for that kind of house. Sold for about 3 was a lose and of course $700k maintenance is huge loss. 6 months you're past the amount of the house.
6 years. He wasn’t paying 700k a month.
@@sincityquinnyes so every 2 months it would be over a million dollars just in upkeep.
@@fonzarellyplay370what do you not understand.🤦🏻♂️
U live and u learn
Learn what? 🤔 How to leverage your "massive" income early on in his career...😄
Good! Everyone with money makes Bad decisions when investing sometimes! The up keep and monthly maintenance alone cost him over $100k each month. The question is, did 50 learn anything from this.
600k on upkeep each year wtf how
700K*
woman - “it had 21 bedrooms”
50 - “it had 18 bedrooms”
Discrepancy 😅😅
Now it is mike Tyson and 50 Cents old House
lol yh
Call me crazy but compared to homes in LA, what he got vs what you get in California, no comparison. I understand the market but in no way can you get all that house in LA for 4 million.
That mansion should be named the "Tyson Crib"
I would have used that estate as a venue for corporate parties, retreats, and weddings. In addition to hiring a property management company, I would have included in the contract that clients would need to have liability insurance if party size is over 50 guests. I’d also provide additional services at an additional cost-like catering, cleaning, event marketing, planning, photography and etc. Essentially, that property would have been my business space.
We live and learn!
Has his own charity and donated the $2.9 mill to it?!!! Yet another reason to love and respect the man known as Curtis "50 Cent" Jackson.
Mote stars need to take notes!!!
Can't wait for 50s upcoming last album! And the 8 Mile series! 16 books, 5 or 6 tv series, with 3 more to come, and 2 diamond albums,once the RIAA finally certifies them.
Man is killing it!
Calm down.. his first 2 albums were good.. the others, trash
Helluva "tax" write ✍️ off ... Kudos to fifty "especially" when he got back home from touring with 38 MILLION 😳 dollars in his bank account....👍🤓
I cant believe it only sold for 2.9. Even the original price if 4.1 seems cheap for a property like that. There are apartments here in london that cost that much!
He should have converted it into a hotel
Location was not good
He got that back long time ago
Yes but people don’t know he filed all of this under losses to avoid tax…
there is a difference between buying a mansion and a mansion so big even normal rich people dont want it... 50 bought the latter. There are plenty of mansions with a nice layout that are smaller that look luxury and impressive, but you can actually re-sell.
Bruh spent 9.8 million on upkeep charges yearly. That’s wild.
He lived like 10 minutes drive away from my cribo. 10 minutes from the hood
Daaaaaamn bro who ever copped that house got a flip of a LIFETIME.if it was 18mil once just hold it and it'll be that much again
A house like that is a money pit. While you're "holding it", the house is costing you taxes, upkeep, mortgage payments, and taxes.
@Rusty Shacklefurd yes I totally agreed with that.BUT if you can air bnb it for 100k/wknd you should offset it alittle until someone buys it.😂😂😂😂
@@derekyoung4637 how many people are there to consistently drop $100K per weekend for years?! 🤔😆
@@eldeanivri Sarcasm
Only 4 mil for a house that massive is INSANE
buying them mega mansions is just dumb. if you got that kind of money , you would want your own costume mega mansion
They buy them to reduce their taxable amount by recording it as an expense.
52 Rooms is just excessive, I don’t care who you are and how much money you have. And he was on the road all the time so he didn’t even spend much time there
9.8m in 14 yrs upkeep, bills, maintenance, repairs, workers..
4.1 purchased
And 2.9 sold
Yeah that one was costly lesson even for a millionaire losing 700k per yr,
But got Ten(10) times the amount in music sales, royalties, product, merch per yr I bet..
Didn't feel no sting
That was some house that just stunningly beautiful..someone got a great bargain for $2.9 m
$4,100,000.00 purchase price. $9,800,000.00 million in 14 years of maintenance/upkeep. (50 Cent) had spent $13,900,000.00 on this asset (50 Cent) tried to make $5million and list it for $18,500,000.00 couldn't find a buyer and sold it for $2,900,000.00 a loss of $11,000,000.00. HE made $38million on his tour, IRS got half leaving him with $19million, plus 30% $5.3million to his agents/management team and this house cost him $13.9million leaving him with $-200,000.00 No wonder he regret's this purchase in the end he was in debt and owed $200k.
Didn’t even know Farmington had house like that
i mean im sure people like diddy kanye jay z and drake have houses like this. i think even cardi posted on her ig buying some crazy mansion like this. i wouldnt call it a stupid investment if u can afford it.
Couldnt blame him for the original purchase. No one saw the housing market going under at the time. $4 mill je paid for a $14 mill house. He wouldve profited had the market not gone down.
Donated to his charity😅😅😅
Rich ppl know how to keep their money! Lol 38 mill in the bank will get any smart Jew lawyer come running! Lol
AVOIDED PAYING TAXES ON IT
@@mikewilkins2030 man racists be in every single comment section.
@@TALLXXL get tax return for giving house to charity
Some of these people don't care I hear some of them making fun of the disabled 🤦!
These numbers being so low on this home especially in Connecticut make no sense.
The house was owned by evander holyfield not tyson
First , 50 cent showed more respect compared to the interviewer who is cursing.
He’s smart
Lost millions…. But wrote it off when he donated it lol
No one told him to buy it! He said he bought to get IRS off his back!! He wasn’t force to buy it. He only forced himself to buy it!!
He should be ok, he made so much money during his heyday, also a lot of it could have been written off
I don't know why my Tyson did not make that house into a tourist attraction have wedding events their family reunions and everything he could have made his money back using as a minute hotel you can have your guests sleepover go to the party and do everything right there on what property uses for Union
This happens to most rich people that's why they still be having to do movies and stuff they can't just chill and let life happen they got to make more s*** so they got to keep doing shits
Being in the streets etc. I just think about all of the people who died last year. you know if they could just chill maybe they'd still be alive.
this part has nothing to do with 50 cent.
In my opinion that buy this house is a big problem 50 pay big money maybe no the alternative correct.
When you don't know you don't know....Now you know like Evander Holyfield who bought a sprawling mansion with a bowling alley coupled with a $40k per month electric bill which didn't include the cost of the remainder of the maintenance expenses
Yep. Rick Ross followed the model and bought it
He payed more money for gold chains he doesn’t even wear anymore/or how bout the 3 million $ jet he bought himself I’d say that was probably the biggest waste . $4 million is not a lot for a home of that size and luxurious quality .
No sht. To many rooms lmao
That house must've used soooooo much elec....
I'd have turned that mansion into a damn plaza, or a media house, or some kind of company HQ or something 🤣🤣 damn . That whole property is super expensive, so I'd find a way to turn it into an asset .
Sometimes a house is just that. Though you have acres of land, depending on the designation it’s listed under (preserved or limited building), you could do nothing else with it but live in the house. Connecticut isn’t exactly easy to get to for the average person either. Then if the upkeep of the house and property was $700k per year and no one wanted to buy it?
It was more than he would ever truly need. The wealthy live in excess, but sometimes it’s just too much.
That's a bad location for it though.
Nah...this is America, you just don't get to do anything with your property. You get to deal with neighbors and local government....
Zoning laws brother
Well let me tell you guys something here in New Zealand you can get a single bed room for 500k
G-unit charity never heard of and probably that he took back the money and put it in the left Pocket 😂😂😂.
"Never the king of NY you live in Conneticut"
-Jadakiss.
1. where is this 2 bed 800 qpts he claims to have had
2. 50 is an international super duper star, to this day I wonder our the house isn't his speed? He has even more money in his account? Unless it was the money pit aspect coupled with the fact personalitywise he;s actually a really private person who;s and entertainer but not into entertaining
Party play house you probably get sick of the house in a couple of years after you had some fun first
That's the way money is or the Sin of money.
Something you win money, Something you lose money, and Something you forget about the sin of money.
And Something it comes back to you.
But it kept you out of the Sin of Money.
But your loss helped somebody*
You made a sacrifice *
50 cent smart he got rid of that man pit but he's still so wealthy he owned it for 14 years never a to do partys and car shows like officer Ricky
It would be wonderful to be able to buy this home and turn it into a woman's Center for Abused women
2.1 total for upkeep
He wrote it off through the charity
Hell I heard Tyson paid 32Mill for it 🤷🏽♂️
Yep. If you don't spend some of it the IRS coming to get you
I don’t see how he lost money on this property with the shark tank mind not adding up , facts !
It was worth it
He just took that 2 mill and gave if to charity
His own charity lol wtf is that
He bought the guy who was friends with the shooter who almost killed him that hurts 😂
4 million is reasonable they must have lowered the price to accommodate for the upkeep expenses. Other wise it would have been 20 million
Bought it out of spite
Tax write off
He bought that house to get a truce with Mike.
Should of turned the house in the foundation grounds n possible tax write offs
He sold it for 2.9m? Wtf why so cheap? No one wants to live there or what?
Bcuz of the maintenance and taxes
I've nevr heard anyone say let's go to Connecticut lol
@@999WRLDGAMING. only thing I can think that can make somewhere live there is if they want to be close to nyc cuz they from there but the east coast period ain’t for famous ppl
@@realniga3012 I agree with you
DAM LEFT 50 W ONLY 900, LEFT DEFINITELY WAS A REGRET
I heard it was to b Senior housing !!
What happened ?? Perfect for us oldsters 😊❤❤❤ what ????
I have learned a lot of from them 🎓glad that I invested *9.99
Man I would have upkept it for 50 for 200k a year
Dude how does that house go for so cheap
Noone wanna maintain that
He sold it a while ago. It's probably worth a lot more now.
It's fiscal value and it's actual worth are two different things 😅
It was his reputation at the time, he was still beefing with various rap artists non stop on tv etc.The state made him look bad on purpose. NOW If had continued to hold and maintain this asset until he reached his more mainstream commercial status he currentlu enjoys as a multi media mogul, with the various industry writing credits on STARZ and ABC and how he kinda shed the strictly rap persona he could have easily well MORE easily been able to break even if not sell at a profit. Real Estate is one of a handful of appreciating assets. The market fluxuated too. It could have worked out for him.
It's not cheap if you're paying 700k in maintenance regularly.
Duhhhh anything in Connecticut Is a waste
Damn don't do us dirty like that. 😭
How do you figure? We have one of the largest concentrations of High Net Worth Indvidual's in the entire nation. The CT Gold coast probably has more hedge funds and private equity capitalist than NYC and Boston combined
@@qp4367 your point who the fuck wants to live in Connecticut?
Should’ve sold it to Nick Cannon all them damn kids.
🙂
4million its cheap i thought it was 50million and he regretts for selling 3million how so cheap hes scammed for the selling
I put an bid in at 2 million he declined
Drake got that house now.
🦉
Ugly house. So plain for a millionaire . My houses in florida and bel air are 10 times better
Rick Ross bought Evander Holyfield house, which is paid for! Holyfield beat Tyson twice so Rick Ross still winning lol 🤔
Dumb money
50 cent is only worth 40 million so no he couldn't afford the up keep on that massive house lol... Rick Ross is worth $150 million and has a bigger house and more land so he can afford it...
What up keep besides cutting the grass?
Big boy talks too much