If you’ve ever watched your property languish on the market, spare a thought for rapper 50 Cent.
The music artist, whose real name is Curtis Jackson, had to wait 12 years and sustain an enormous capital loss to finally offload his 12-bedroom Connecticut mansion.
He originally bought the enormous property which has an astounding 25 bathrooms from former heavyweight boxing champion Mike Tyson.
It’s an important reminder to property investors to understand the market they’re operating in.
The 4,600 square metre estate, complete with 52 rooms, two basketball courts, a gym, a private recording studio and even its own nightclub, was perhaps a little too ostentatious for the Farmington area.
Initially listing it for US $18.7 million ($26.3 million) in 2007, ‘Fiddy’ had to take quite the haircut on it, with one lucky Florida investor picking it up for a song.
“He actually bought it in 2003 for $5.7 million and in 2019 sold it for $4 [million],” Your Money real estate reporter Maddie Hale told Auction Day.
That loss alone would be enough to reduce any property investor to tears.
But that doesn’t take into account the amount of money Curtis splashed on it – he’s thought to have spent somewhere between $8.4 million and $14.1 million on renovating the home.
Despite seeming to have spared no expense on it, it appears even Curtis might have forgotten about owning the property at one stage.
“In 2017 this house was robbed and a police station put it out and someone tweeted it saying that 50 Cent’s house had been robbed and he replied saying, ‘What? My house got robbed? I thought I sold that,” Hale explained.
It marks just the latest mishap for the rapper who filed for bankruptcy in 2015.
For an artist who swore to “get rich or die trying”, his path there has not been easy.
50 Cent also isn’t the only celebrity looking to lighten their property portfolios.
Actress Jessica Alba has just listed her Beverly Hills home while Bruce Willis’ Turks and Caicos estate is up for sale to the tune of a cool $46.3 million.
Watch the full segment with Maddie Hale above for more.