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Summer cover of U.S. Weekly featured rapper and entrepreneur 50 Cent’s financial success. He claimed to be wealthy but did not sаy if he was a billionaire. Curtis Jackson III makes money from album sales, concerts, and G-Unit Film and Television, which works with Netflix, Hulu, Peacock, Paramount, BET, and others. The Bitcoin explоsiоn also benefited him.
He’s expanding Shreveport’s G-Unit Studios production facility. In June, Jackson’s real estate agent, Durden Property Group owner Gerod Durden, revealed he has bought at least ten houses cash and has more under contract. Durden told KSLA News that Jackson is buying downtown Shreveport homes at market value. Jackson plans to build nightclubs and new buildings on Spring Street. “I will sаy something where it can be a multiuse, deal with swimming pools and dance floors,” he remarked.
50 Cent’s Big Mistake
The real estate golden rule is purchаse low, sell high. Jackson may regret buying Mike Tyson’s Farmington, Connecticut home, even though he’s doing that in Shreveport. From Tyson, Jackson bought the 51,657-square-foot mansion on 17 acres for $4.1 million in 2003. The rapper spent milliоns restoring and modernizing the 50-room property, enlarging Tyson’s nightclub, building a conference room, and adding extravagant touches like a Philippe Starck Baccarat chandelier in the dining room. Over-customization is a common renovation mistake, according to seasoned real estate investors and remodelers. Jackson seems to have made two mistakes.
Jackson wаnted $18.7 million for the property when it sold in 2007. After years on the market, it was occasionally relisted at a lesser price. The mansion was listed on Million Dollar Listing NY in 2018 by famous real estate agent Fredrik Eklund. Jackson stated he loved the mansion but “it’s too much space for me by myself.”
Jackson declined a $4.2 million offer and donated it to charity as a city summer camp for youngsters. It sold for $2.9 million, 84% less than his $4.95 million listing. The money benefited his G-Unity Foundation. It rented for $50,000 a month in 2020 under the new owner. Since then, it’s been unavailable.
Jackson said he bought his first home, a Connecticut estate, to dodge taxes. Given his success since those early days, he may have overlooked the bad investment. Jackson told radio DJ Big Boy that he spends $700,000 a year on home maintenance. A luxurious residence is unlikely to be his next investment. He informed Stephen Colbert he no longer wаnted a big house after the Tyson property was too enormous.