We were all confused when rapper 50 Centdecided to flaunt his new African house in September. After all, he’d just filed for bankruptcyin July.
Here’s a little more puzzlement: He still hasn’t sold his mansion in Farmington, CT, according to the Hartford Courant.
The 21-bedroom, 25-bathroom mansion at 50 Poplar Hill Drive, currently asking $8.5 million, has had many a price cut since Fiddy first tried to unload it in 2007 for $18.5 million. He bought the 51,657-square-foot mansion in 2003 for $4.1 million, the Courant said, poured somewhere between $6 million and $10 million into it, and has been trying to make his money back ever since. It has languished on the market despite such enticing amenities as an indoor pool, gym, basketball court, and a “disco”—or whatever you call a dancing area with stripper poles.
The original asking price was reduced four times to $10 million by the end of 2010, and the estate has gone on and off the market several times. The most recent listing expired at the end of 2013.
Is his fame—or his notoriety—the problem? After all, we’ve noticed that the homes of some celebrities—especially those embroiled in conflict—seem to sell at a slower pace and often endure multiple price cuts. This home was previously owned by Mike Tyson; maybe that history didn’t help matters.
Or perhaps it’s the maintenance costs? Apparently the place costs $67,000 a month to keep up. In fact, as part of the Chapter 11 bankruptcy filing, it emerged that the rapper owes money to a local lawn care company, an HVAC contractor, a carpet cleaning company, a local attorney, and, of course, a hot tub company.
Whatever the problem, local Realtors® think the asking price is just too darn high. Rob Giuffria, president of Prudential Premier Homes in Farmington, told the Courant that 50 Cent would be lucky to get $5 million for it.
“8.5 million? Not a chance,” Giuffria said. “50 would have a better chance being a country music singer.”
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