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In court papers filed in the US Bankruptcy Court in Hartford, Conn., Mr. Jackson reported assets and debts each in the range of $10 to $50 million," The Wall Street Journal reports.
The filing comes just three days after the "Get Rich or Die Tryin'" rapper was ordered to pay $5 million to his rival Rick Ross' ex-girlfriend, Lastonia Leviston, who sued him for posting a sex tape online to millions of viewers in an attempt to embarrass Ross.
He is one of the world's wealthiest rappers, largely thanks to his minority stake in Vitamin Water. In 2007. he continued to act as a spokesman.
Additionally, the rapper's studio albums alone have sold more than 21 million units, and he has starred in a long list of film and TV projects, including Starz's new hit "Power."
In May, Forbes estimated 50 Cent's net worth at $155 million, ranking him No. 4 on the list of the wealthiest hip-hop artists.
The bankruptcy claim comes just days after The New York Times published a glowing profile of the rapper, praising his "exceptional business instincts." Go Figure.
Just a thought.